Today we had an event led by Zoe Roberts, tax partner at BHP Chartered Accountants, which unpacked the main interest areas for SMEs from the 2015 budget after George Osborne presented it on March 18th. This year is election year so much of this budget is subject to change depending on the outcomes of the election and there is no time for a proper finance bill before parliament dissolves on March 31st 2015. That being said Zoe covered a lot of the main pros and cons of the budget for SMEs and here are some of the highlights that we took away from the presentation.
• Business tax - reduced rate of corporation tax 20% - joint lowest in G20
• Employers taxes - Exemption for £50 benefit in kind - however legislation has been delayed till after election
• VAT - registration threshold increased to £82000
• R&D tax credits - rate of relief increased for SMEs to 230% from April 1st
• Northern Powerhouse - some devolution of powers on skills, training & business growth in Sheffield
• There will be a consultation on how academics involved in spin outs can benefit from entrepreneurs relief
If you have any questions about the budget, or any other financial questions you can book a one-to-one appointment with BHP Chartered Accountants on April 17th by getting in touch.
Our next Business Advice Meeting will cover Managing Employees with topics like employment law, staff incentives, employment tax and much more practical advice on the legal and financial aspects of taking on employees - find out more here.
A special thanks to Zoe for her amazing budget themed Lego slides