From an international trade point of view I?m interested in what is going to stimulate the economy to boost business; encouraging investment in the UK and tapping into new markets overseas are vital to the future of the UK economy.
The Chancellor doesn?t have a lot of room to manoeuvre so I suspect it will very much be a case of what he gives with one hand he must take back with the other.One of the headlines in previous budgets has been the reduction in the main rate of corporation tax which has certainly moved the UK up the international competitiveness tables. However, while this grabs the headlines it doesn?t actually help the many thousands of SME businesses in East Anglia who pay tax at the small company rate.
In fact, one of the big disappointments in the last budget was the reduction in the annual investment allowance (AIA) which helped fund the reduction in the main rate.
The AIA is an important factor in an SME?s capital expenditure and growth plans. The reduction in the AIA ran contrary to the Government?s policy of supporting SMEs. Thankfully, sense prevailed in the Autumn Statement and the AIA was increased.
What would I like the budget to deliver from an international trade point of view? I?d like to see more support targeted at SMEs to encourage investment and innovation.
Previous budgets have certainly helped in this regard; the enhancement of the R & D tax credit scheme which a number of our clients have benefited from is one example.
It?s on the Government?s agenda so I would like to see what else the Chancellor has in his bag. What I don?t want to see is a repeat of the AIA episode.
Article by Malcolm McGready ? Partner, International Business, Ensors
Source: http://www.businessweekly.co.uk/financial/15163-budget-2013-the-international-perspective
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