The next Budget on the 11th March is critical to the UK as a whole but also very important to all SME businesses out there.
There has been some incredulous predictions and purported leaks of what may or may not be included within it. This includes the potential removal of Entrepreneurs’ Relief for business owners selling their business.
Many business owners work hard and strive to create a great business, create employment, act as unpaid tax collectors, create opportunity and give back to the community, for many years. A small benefit is that when they reach the end of their business journey and decide to take life easier, if they ever do, is that they can claim entrepreneurs relief and a 10% rate of tax on the proceeds received.
Now this may or may not occur but if it does this seems very unjust.
For a government that wishes to fuel enterprise, growth, innovation and investment it seems strange that, because of the abuse of this relief by a few, they will disadvantage the many genuine business owners.
Consequently am I right to be a little worried at what may be going on behind the scenes when with four weeks to go before the Budget the Chancellor resigns and an inexperienced ambitious political replacement in put in place?
Those in business know constructive challenge within a team is important and I hope this remains in Government?
As always Inspire Professional Services will keep you informed on the day of the Budget of the changes and announcements that occur.