As the budget coincided with the inaugural International Happiness Day we’re going to keep this as positive as possible, afterall there’ll be no end of small print to upset us and soothsayers to spread the gloom over the coming weeks! So after tuning in and out during the budget, this is a snapshot for you. We’ll ask our experts during the week to explain the more complicated points that affect you as I’m no expert in the finer points and some of this stuff is really important, to you, our loyal members. These are a few of the more salient changes as I see it the and without deep expert analysis! A run down of the content that struck me as relevant to you, as a group of Mumpreneurs.
Certainly, the giveaways weren’t gargantuan but who was truly expecting any? There’ll be many more things than listed here that will affect you and your family directly, depending on your situation both professionally and personally but this is a short blog post of most those that will perhaps affect us as a whole, from a business perspective.
The personal tax allowance going up to £10,000 could be good news for those setting up or in the early days of business. Keeping a whole £10,000 could really give you in your business and the family income a boost, a boost that would be the difference between building your business and being a failed statistic.
The New employment allowance to cut National Insurance bills by £2,000 for every firm, is a boost for micro businesses and SME’s. From what I have gathered this is one of the more positive changes and that extra £2,000 could help take on a member of staff without the huge burden usually associated with such a bold move in the first instance. This could really impact the development of your business, just think a PA, admin assistant , junior designer what sort of difference could that make to your bottom line? I will most certainly be asking our expert accountant Ruth Anscombe at Shore Accounting to explain this with clarity and how it will work for you in your business.
The continuous burden of childcare got a small, slow breather today. The tax break of £1,200 in 2015 is a help, a small one and a long way off, if you’re paying for childcare now it might well be too late. So we are going to need to keep the pressure up on this one!
Corporation tax for medium sized business is probably enough for these companies to employ one extra person and it’s a shame that business tax wasn’t capped instead. And the biggie, for us, many burgeoning businesses and households VAT – same as before, no rise (hooray) but a big, sad, weary shake of the head as a lowering would have put more coffers in all our businesses and households (booo).
The fuel duty freeze will be a business saver and a relief to many, no hoick in September so we can enjoy our summer holidays without that hanging over us!
And finally, because it was a budget day and on budget day there is always a shocker - the announcement that got the biggest boo at HQ was the 15p increase on a bottle of wine! We’ve worked out that with the saving on of 1p on beer we’ll need to drink 15 pints before we can level the increase on wine. So there you have it short, a bit bitter and not quite sweet. Bottoms up!