How does the 2015 UK budget affect SMEs?

According to a YouGov survey of senior SME decision makers_81728113_osborne_rtr, the things that SMEs were hoping for in George Osbourne’s latest budget were:
  • A simplified tax system, specifically in relation to addressing the issue of complicated tax returns
  • Further corporation tax relief, in the form of scrapping business rates for businesses with a turnover of less than £800
  • Late payment support, which is close to the heart of us here at CreditHQ
Did George deliver?
There was some Corporation Tax news, with the rate being cut to 20% in April, whilst a far reaching review of business rates is planned.
The fuel duty increase planned for September has been cancelled, making life a little rosier for those who travel for a living.
Publicans rejoice at the reduction in beer duty for the second year in a row, which is part of a double bonus for the creative industries who can run their brainstorming sessions in the pub which will cost them less AND they can enjoy the latest tax credits within the film, tv, and music industries.
It’s also good news for the self-employed as they won’t have to complete annual tax returns any
Budget 2015 -  Overtake Germanymore, or pay class 2 national insurance contributions, which have been abolished – “We believe people should be working for themselves, not for the taxman. Tax doesn’t have to be taxing”.
So of the 3 top hopes for small business, the Chancellor has delivered on the first of them, provides an indication that the second will happen, but no news on the third.

More reaction to the budget from a small business perspective can be found at:

Federation for Small Business

BBC Budget 2015 at a glance

Guardian Budget 2015 guide

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