Budget: no benefits for sign industry?
As the dust settles on the pre-election budget announcements on March 18th and perspective sets in, perhaps the most important news for businesses is the promise of a significant review of business rates—but what about the long-term outcome?
Monday, 30 Mar 2015 12:57 GMT
David Catanach says the recent budget announcement lacked benefits for the sign industry
Chancellor George Osborne laid out plans to increase the income tax personal threshold to £10,800 next April, and £11,000 in 2017, which is potentially good news for small- and medium-sized businesses (SMEs) as it means more money in workers’ pockets.
However, David Catanach, director of the British Sign and Graphics Association (BSGA), expressed concerns about the lack of support for the huge number of sign firms that are SMEs.
Catanach says: “The pre-election budget posing by both the Government and the Opposition didn't seem to provide any benefits to SMEs, which are the backbone of this industry. Still, it could all change after the election which is when the real economic future will be decided.”
The pre-election budget posing by both the Government and the Opposition didn't seem to provide any benefits to SMEs, which are the backbone of this industry”
Another focal point in this years’ budget was the subject of tax evasion. Following a number of high-profile tax avoidance scandals from large corporations, the Government were keen to be seen taking a strong stance on this issue, and new guidelines will mean these multi-national businesses pay tax on profits earned in the UK—a boon for smaller companies competing with these giants.
Catanach’s view that the budget left little room for opportunity where SMEs are concerned may divide opinion, but it is certainly true that we will have to wait and see what effects the recent budget announcements will have on the future of the sign industry.
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