A business finance expert has thrown support behind Cornwall’s pioneering entrepreneurs and business owners who have likely taken a hit in yesterday’s (Oct 30) Budget announcement.
Deborah Edwards, practice director at Harland Accountants, has voiced her concerns that changes from April 2025 will have a deeper impact on the county’s business and not-for-profit community – through national insurance hikes, national minimum wage increases and employment reform.
She said: “Some people will be reflecting on the Budget and thinking, it’s not as bad as we anticipated – but what we will see is an initial false sense of security that will be followed by a steep rise in the fundamental costs of running a business.
“It’s a Budget that specifically targets employers and business owners. The chancellor promised not to raise taxes on ‘working people,’ but it’s a direct hit on the people who are creating the jobs – that seems to be in direct conflict with Rachel Reeves’ stated intentions.
“Entrepreneurs are critical in keeping our local economy buoyant. These announcements could have business owners questioning their energy and appetite for investment in people, particularly when paired with an increase in business rates for bricks-and-mortar premises.
“I believe everyone needs to pay a fair amount of tax to invest in services that benefit all.
“But from April 2025, it’s going to cost so much more to run a business. Our local business owners and entrepreneurs need support to innovate, expand, and ultimately pay taxes from a position of strength rather than struggle.”
With five months before the majority of changes come into effect, Edwards calls on businesses and charity leaders to get their house in order.
She said: “We now have some element of certainty, but don’t sleepwalk into these changes.
“Entrepreneurs are incredibly resilient people – we will control what we can control – finances, business planning and pricing accordingly. Running a business and being an entrepreneur should still be rewarding and profitable.”
