The Kitchen, Bathroom & Bedroom Specialists Association (Kbsa) believes that the budget will help businesses, although a mixed bag.
‘There are some winners and losers, but generally the view is that the summer budget has included some welcome boosts for small businesses but the chancellor could have done more, for the independent says KBSA chair Tina Riley.
“There are a number of positives in today’s budget such as the, corporation tax reductions, the doubling of the annual investment allowance for small and medium-sized enterprises , lower interest loans for small firms and the extra investment for apprenticeships but more could have done to free business from the burdens and barriers that are holding economic growth back.
As for the review of current crippling business rates, this is a key thing for a small-business owner so we are disappointed that there wasn’t something a bit more finite announced. The current system where the rates are based on the rental value of the property is extremely outdated and needs reviewing as soon as possible .
Whilst its good that no rise in fuel duty was announced however this could yet be offset by the yet to be announced reform to vehicle excise duty”
” There is still far too much red tape to be dealt with , especially for things like the auto-enrolment for pensions and it would have been nice to see some moves towards establishing a focused department to champion the needs of small firms as proposed by the FSB.” Again the devil is in the detail, which will be unravelled in the coming weeks.