Download - Budget 2016: SME Agenda
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Budget 2016SME Agenda
Winning with
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The UK Budget 2016 saw Chancellor George Osborne vow to ‘back business and enterprise’ with
‘new support for small business and entrepreneurs.’
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Mr Osborne’s Measures to help SMEs include:
• Lowering taxes and
• Offering business rate relief.
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Meaning SMEs
• Keep more of their earnings and
• Grow their businesses.
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Business Rates
The Budget 2016 cut business rates for all small businesses that occupy property with a rateable value of £12,000 or less, effective from April 2017.
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Corporation Tax
It also planned cutting Corporation Tax to 17% by 2020.
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Capital Gains Tax
Further to this, Capital Gains Tax will be cut from 28% to 20% (at the higher rate) and from 18% to 10% (at the basic rate) from
6 April 2016.
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National Insurance
The Chancellor:
• Pledged to scrap Class 2 National Insurance contributions (NICs) for self-employed people from April 2018, meaning that the self-employed only
have to pay Class 4 NICs if their profits are over £8,060 a year.
• Reformed Class 4 NICs, so self-employed people can continue to build benefit entitlement.
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Entrepreneurs’ Relief
Mr Osborne also:
• Extended entrepreneurs’ relief to external investors in unlisted trading companies.
• Introduced (from April 2017) two new £1,000 allowances for property and trading income.
• Exempt individuals with property income or trading income below £1,000 from paying tax on it (as of April 2017) .
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Fuel Duty
The Chancellor froze the main rate of fuel duty at 57.95 pence per litre for 2016-17.
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Stamp Duty
Finally, the Chancellor:
• Changed stamp duty rates for commercial property from 17 March 2016, so that tax bands will be 0% for the portion of
the transaction value up to £150,000; 2% between £150,001 and £250,000, and 5% above £250,000.
• And reduced stamp duty for buyers of commercial property worth up to £1.05 million.
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Further to these measures, the Government remains committed to its SME agenda.
The Government aims to place 1/3 of Government contracts by value with SMEs by 2020.
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But to access these opportunities SMEs must keep abreast of contract notices.
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Supply publishes more non-OJEU contracts than anyone else.
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Supply is the only complete solution in the market that will help you find, bid for, and win
the contracts that will grow your business.
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Over 60,000 start-ups and SMEs have registered on Supply.
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To discover more about how Supply can boost your business visit:
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