We asked our Sage Business Experts, what they would like to see from the Budget Announcement taking place on the 8th March 2017.
Paul Donno – 1 Accounts
- I would like to see the £5,000 limit on “tax free” dividends increased to £20k for small businesses. This would go some way to acknowledge that small business owners take risks and need some rewards for the risks that they take.
- Continue with Annual Investment Allowances at £200k and maybe increase this to £500k to enable businesses to invest in ageing Plant & Machinery.
- With Auto Enrolment starting this year for many small businesses I would like to see the Employment Allowance increased to £6k from £3k again a big benefit for the small employer and will help generate jobs and growth.
- Making Tax Digital is coming next April I would like to see an incentive for businesses using MTD compliant online software like Sage One.
Sid Moore – Moore Accountancy
- The pound is weaker and so our imports (fuel, food, etc.) are more expensive – we need something positive to make consumers less pessimistic about our financial future.
- Agreement of relief for small businesses whose business rates will increase significantly.
- Some confirmation around pensions and whether restrictions will be put into place – the government is wanting us to fund our futures privately, but keeps moving the goalposts which makes pension planning extremely difficult.
Tim Holton – Uniq Systems Ltd.
- Help for businesses that are experiencing excessive increase in rates.
- Consideration given to businesses that are obliged to have high street presence but compete against online providers.
- Businesses that maybe experiencing staff issues following Brexit. Help with training people in the UK to take on those roles.
- Help for businesses that have previously exported to the EU to widen their horizons to the global market place where they may not have the expertise.
- Ensure that larger corporations pay their fair share of tax.
Jeremy Corner – Blue Eyed Sun & Ivy Ellen
- I’d like to see the chancellor do more to tax multinationals that take business away from our independent retailers and don’t pay their fair share of tax in the UK.
- Increases in business rates are really hurting our small independent retail customers. The system needs a radical overhaul to protect the diverse range of wonderful small businesses that make up the backbone of our economy.
We want to know what you’d like to see from the announcement. Share with us what you hope to see from the budget announcement.