Comment from Debbie Griffiths, entrepreneurial business partner at Deloitte, the business advisory firm, on the Budget's implications for entrepreneurs.
"The Chancellor's decision to reduce corporation tax by 2% is a step in the right direction for encouraging growth in the UK business community. Although this will be seen as positive move for many companies, some smaller businesses are still struggling to make profits so it will depend on what sector they are in to truly see how much benefit they will actually see.
"It is extremely encouraging to see that entrepreneurs relief has been increased to £10 million, along with EIS improvements and SME R&D credits up to 200% and then 225%. It will be interesting to see if anything comes through to change the 5% ownership, and working requirements for entrepreneur's relief as to how much this will assist in encouraging business angels too."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.