Entrepreneur Comment On Small Business Budget 2014
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Xenios Thrasyvoulou, entrepreneur and founder of online freelancer marketplace PeoplePerHour comments:
‘The Chancellor said at the start of his speech that this would be a Budget for ‘doers’ which you would assume included small business owners and entrepreneurs. However apart from making it more affordable to hire under 21s by removing them from jobs tax and increasing the Annual Investment Allowance (AIA) to £500,000, there wasn’t much else to give aspiring small business owners any confidence that the government has their best interests at heart.
‘This government need to go further. You only need to look at Silicon Valley and the number of great companies and ideas that hail from there to see what the effect of a tax structure that nurtures and encourages startups can do. In the UK, SMEs are the backbone of the economy and make large contributions to growth and lowering unemployment, yet they pay the same VAT, corporation tax and income tax as large corporations. Unless bigger and more fundamental changes are made to tax structures and business education little will change
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