It’s been billed as a Budget for small businesses by some and it’s right to credit the Chancellor of the Exchequer George Osborne with some good measures in his 8th Budget since 2010. But Tamebay still thinks VAT at 20% is too high and the low threshold must be reformed upwards soonest.
What to look out for in the UK 2016 Budget:
– Changes to the personal income tax allowances at the bottom and top end. And NI for the self-employed.
– Changes to business rates, Capital Gains Tax and Corporation Tax
– And stuff about fuel duty, a sugar tax and lots of other things…
But at Tamebay we’d rather leave the punditry to the experts when it comes to general SME measures. Our focus will be on the changes that affect marketplace sellers and ecommerce entrepreneurs. As you may have read, Osborne also included measures regarding VAT fraud being undertaken by overseas sellers on marketplaces such as eBay and Amazon in his Budget statement.
So if you want to seek out a proper digest of what the Budget could mean for you as a small business we recommend:
Tax Donut: A Budget for small firms and sole traders
Enterprise Nation: Budget 2016: What small businesses need to know