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Few benefits for small businesses - April
Budget
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The
existing 100% allowances for investment in IT would be extended for a
further year to April 2004. IT investment. allowances will be extended to
include a total of 3m businesses
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The
qualifying threshold for small and medium-sized businesses will be raised
so that more would become eligible for 40% investment allowances.
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Promised
review in the Autumn of investment in R & D tax breaks and existing
ones to be extended.
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The
standard VAT threshold will rise by £1,000 to £56,000
and
the flat rate scheme has been extended.
More small businesses will be exempt from automatic fines for late payment
of the tax. More companies will be able to cut their paperwork by taking
advantage of paying a flat rate of VAT.
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The
lifting of the audit threshold from £1m - The chancellor announced a
review that would lead to a higher number of small firms being released
from "burdensome audit requirements".
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Measures
to cut down on avoidance will lead to a new rate of stamp duty on rental
leases later this year.
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The
Budget left stamp duty on buying business properties unchanged.
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The
Small Firms Loan Guarantee Scheme is extended to sectors including
catering, retail and vehicle repairs and is expected to benefit a further
400,000 small businesses.
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The
chancellor also announced proposals for the creation of British Small
Business Investment Companies - private sector vehicles to inject new
capital into small and medium-sized
firms.
If you
need assistance with this contact
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It is vital businesses, especially the SME sector gain access to key areas of assistance
to help them in their development process.
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The Economy
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Britain
had its lowest inflation for 30 years
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The target for the financial year for
inflation was 2.5%
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The growth forecast for 2003-4 is 2-2.5%
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Fixed investment expected to grow by
4.25% to 4.75% this year
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Domestic demand expected to grow by 3%
to 3.5% this year
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2004-5 growth expected to rise to
between 3% and 3.5%
Measures for Business
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Corporation tax, small business
corporation tax and capital gains tax are frozen
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A raft of regulation and redundant
restrictions would be scrapped in consultation with business organisations
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Haulage companies will benefit from a freeze on vehicle excise
rates for Lorries.
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Deferment for the rise in duty on fuel
for six months because of the high and volatile oil price caused by the
war in
Iraq
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Landfill tax was increasing
automatically by £1 per tonne per year, but from 2005 it will increase by
£3 a tonne each year up to a long-term rate of £35. It is currently £14
per tonne.
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Taxes
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Taxes
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Beer
up 1p
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Wine
up 4p a bottle
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Cider
and sparkling wine tax frozen
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Spirits
tax frozen
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8p
on a packet of cigarettes
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Bingo
tax to be abolished on 4 August
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Income
tax stays the same
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Inheritance
tax - threshold up to £255,000
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Stamp
duty frozen and a crackdown on stamp duty tax evasion
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Vehicle
excise duty goes up by £5 on cars in May but stays on hold for lorries
and motorbikes
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Bio-ethanol
duty to be cut by 20p in January 2005
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The
1.28p a litre rise in revalorisation of fuel duties deferred until October
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