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The Emergency Budget – the key issues for your business

22/06/2010

This lunchtime, George Osbourne gave us the coalition government’s first budget since they came to power in May. We were told to expect the worst and it looks like Mr Osbourne hasn’t disappointed.

With a whole host of tax amendments, project cancellations and brand new regulations within the budget, we summarise the key issues that will affect all business owners across the UK: 

  • VAT to increase from 17.5% to 20% from January 4th 2011
  • National Insurance payment threshold to rise by £21 per week
  • Corporation Tax to be lowered to 27% - figure to be reduced further to 24% over the next three years
  • Small Company tax to be cut to 20%
  • Businesses outside London, South-East and East of England to be exempt from NI payments of £5000 on the first 10 employees
It certainly is a mixed bag.

With the rise on VAT almost certain to be the headline grabber in tomorrow mornings newspapers, it is easy to overlook the smaller incentives buried deep inside the budget. Business owners should not become complacent however.

Employers should still be looking to reduce costs where possible to protect their company and staff against any future business cuts and tax increases.

Serviced offices give businesses the chance to manage their budgets with a degree of control that more traditional office space providers can’t match – this is because serviced office clients pay for their office and associated costs, including internet and telephones, on a monthly basis.

For small businesses in particular, serviced offices could provide an ideal working environment.

To find out more about our 13 UK serviced office locations, call us today on 0800 634 6346 or email info@abbeyoffices.com