The Kbsa has welcomed the relief offered to businesses facing huge hikes in their business rates. Newly appointed chair of the Kbsa Richard Hibbert said, “It is good to see that the Chancellor has listened to the business community on business rates. The £435 million promised will provide much needed relief in the short-term. However the system is still a mess and we look forward to a more thorough reform in due course.”

The rise in Class 4 National Insurance contributions for self-employed people was not so welcome. “This could have an impact on KBB retailers that have teams of fitters that are self-employed,” says Richard. “This is another example of the Chancellor increasing the tax burden and along with the reduction in the tax free allowance on dividends which has been reduced from £5,000 to £2,000, creates a higher tax bill for small businesses.”

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