Michelle Hind, President of the Weymouth & Portland Chamber of Commerce, applauds many of the changes announced in the March 2016 Budget by Chancellor George Osborne.
“The Chamber fully supports the tax cuts for small and medium-sized firms and for business owners, as presented in the March Budget,” said Michelle. “These cuts could make a huge difference to the survival and prosperity of local firms, bringing positive benefits to the local economy in Weymouth and Portland.”
Announcements that will affect local businesses include:
- A reduction in Corporation Tax to 17% from 2020.
- A permanent doubling of small business rate relief, meaning firms with a rateable value of £12,000 or less will pay no rates.
- The continued freezing of fuel duty, helping firms with transport costs.
- Clampdown on VAT avoidance by overseas retailers, which helps level the playing field for UK-based organisations.
- Changes to National Insurance and commercial stamp duty.
Michelle said: “Extra spending on our roads and transport infrastructure could not come at a better time, as does the extra spending on the youth of today who are our future. We know that the country still has an enormous deficit, but we can see how this budget will encourage growth and sustainability. We look forward to a more positive and brighter future.”
Chamber member Albert Goodman has published a comprehensive guide to the 2016 Budget, which can be downloaded from the Chamber website.
Richard Bugler of Albert Goodman will be presenting a tax update at the next Chamber Business Breakfast on Tuesday 5 April.
