The outcome of the budget for 2015 released today hasn’t really caused a lot of commotion but it is good for business. Tax relief being boosted to £10,800 is a sensible decision that will probably please many of our employees. Boosting transport links in the region is great and it will be interesting to see the impact this will have on our city over the following months.
Keeping business rates comes as great news, it’s great to see government investing in Greater Manchester. Mr Osborne’s approach to this budget seems to have avoided attempts at winning over voters, instead there have been sensible cuts and greater incentives for workers. Part-time young workers and apprentices will be especially pleased with the decisions to abolish paying National Insurance for those under the age of 21, and the minimum wage increase.
Harsher penalties for tax evaders, and those who assist in tax avoidance, is refreshing to see. We have all witnessed the injustice in the newspapers and on the news of bankers, celebrities and multi-billion pound corporations, shamelessly getting around paying taxes. Hopefully the new penalties will act as a deterrent for tax avoiders throughout the UK.
I think the best news for businesses is the reduction in Corporation Tax down to 20%, I think this is a great incentive for businesses to grow, the Government have quite rightly kept their promise and reduced the tax over the years, this beats any grant, I think it will help increase business confidence, it’s a no brainer.