While saying there are “definitely positive signs”, Harland Accountants’ Deborah Edwards said more needs to be done to help cash flow in the economy.
She said: “An increase in personal allowance and a decrease in corporation tax rates will ease the tax burden for some small business owners for sure, but what is really needed are efforts that keeps money circulating within the local economy.
“The increase in national insurance and cuts to child tax credits will not help local businesses who depend on people spending money as they tighten their purse strings. A cut in fuel duty and so-called support for south west families with their water bills is another positive but will it go far enough to kick-start job creation, money circulation and therefore demand for products and services that our local small businesses provide? Only time will tell.
“Small business rate relief continuing for another year will surely be welcomed, as will a commitment to ease off new regulations for the next few years, so that business people can concentrate on making their businesses profitable and efficient.
“Those who will sail through this difficult period are those who are able to adjust their businesses in response to their market demands and not spending time engaged in understanding and implementing red-tape.”
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