Predictions for the Budget 2016

Peter Done: Managing Director and Founder

March 14 2016

Our motivation at Peninsula is to help small businesses become big businesses, with us by your side all the way. As an adviser to more than 30,000 small to medium sized businesses on employment law and business safety issues, we have our ear to the ground when it comes to the problems SMEs face on a daily basis and we understand the aspirations they have for Budget Day 2016. One of the main struggles our clients face is grappling with the complexities of the tax system; there’s a clear feeling that simplification is needed. The Chancellor has promised to support and champion small to medium sized businesses, which are a major driver of the UK economy. So will this Budget be the moment when he really comes good on these pledges, simplifies the tax system and provides more support for this important sector? Increased costs are another area that our clients point to as an on-going and growing burden for their businesses. Whether costs are rising through creeping regulatory change or ever increasing legislation to comply with, it’s essential the Chancellor does not add more weight to this load in this year’s Budget. This would help ensure the UK remains seen as a competitive and vibrant place to do business. Our clients face a series of challenges over coming months, in particular the introduction of the National Living Wage and reforms such as pensions auto-enrolment coming into play. All this is set against a backdrop of global uncertainty, with Brexit looming large as one of the future unknowns. At Peninsula we hope the Chancellor will give us a Budget that clearly affirms and demonstrates his belief that SMEs are an essential part of the UK economy, which need to be supported and nurtured rather than hamstrung by legislation, a complex tax system and ever increasing costs.  

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