Not a Budget for Llanelli small businesses, says local specialist

Small businesses across Llanelli will see very little change after today’s Budget according to a local tax and accountancy specialist.

Roger Bowen who runs TaxAssist Accountants in Llanelli said:

“We knew there was very little scope for the Chancellor, but this was not a Budget for sole traders and small firms across Llanelli who are the backbone of our local community.

“The cut in corporation tax to 24% only applies to firms with profits of over £300,000. The majority of small businesses will have nowhere near that figure, but there is no cut in the 20% rate they pay.

“But we shouldn’t overlook the fact that the Government has already introduced the National Loan Guarantee Scheme, which offers low interest loans to small businesses. And those looking for finance to start their business were offered the lifeline of the Seed Enterprise Investment Scheme which launches next month.

“Extra funding to help construction firms build new homes will have knock-on benefits for many small businesses, such as builders, joiners, plumbers and electricians, who have been severely hit by the recession, but it was disappointing that there were no concessions on fuel duty.

“For trades people and service providers who make home visits, their cars and vans are a vital part of their service, not a luxury and they can’t absorb the cost of fuel price increases.”