HSJ Budget Review

The Chancellor started his Budget 2011 speech with a stated aim of reforming the Nation's economy "for enduring growth" and “putting the putting the fuel into the tank of the British economy”.

The Chancellor went on to say that he wanted to support enterprise and acknowledged that Private sector growth was critical to the UK's economy.

So what were the real benefits for Caerphilly-based businesses?

Here Robyn Hughes Tax Director with Newport and Cardiff based HSJ accountants look at the positives within the Budget speech:

• Increase in Entrepreneurs' Relief from £5m to £10m
• Extension of the Enterprise Investment Scheme
• Announcement of the to-be-launched "StartUp Britain" campaign
• Reiteration that the 50% tax rate must not become permanent
• Increase in the rate of R+D tax credits for small companies
• Extension of rate relief holiday for small businesses
• 3 year exemption for very small businesses from new regulation
• Further reduction in corporation tax over and above the annual reductions already announced (to 26% this year and gradually down to 23% by April 2014)

The Chancellor confirmed the Government's commitment to make the UK competitive and attractive as a place to set up and grow businesses. This includes corporation tax reform and a new exemption from remittance tax charges for non-doms who bring money into the UK to invest in UK businesses.

We have our in-depth analysis of the Budget in a handy Budget Report 2011 available to download, we also have the latest 2011/2012 tax rates and allowances.

If you would like to discuss how the Budget has affected you or your business then why not take advantage of our HSJ helps programme and book a free no obligation meeting by emailing help@hsj.uk.com or calling 0845 365 1000.