Can I have a business energy contract if I work from home?
The gig economy is showing no signs of slowing down and micro businesses are thriving, with 76% of UK business...Read More
Chancellor George Osborne said that over the next few years the annual tax return will be phased out in favour of a new, more straightforward digital system.
This will also involve companies’ financial information being automatically sent to HM Revenue & Customs and firms being presented with a “simple, single business tax” rather than a mixture of corporation tax and VAT, for example.
The government said that the move to an online-only system would begin with the UK’s 5 million small companies, and should come into effect in 2016.
Graeme Swan, managed services partner at consultant EY, said: “The decision to start with small businesses is a logical one and will ensure these firms can spend more time growing their businesses, which is vital to the continued growth of the UK economy, rather than spending valuable time dealing with an overly complex UK tax system.”
Osborne confirmed that corporation tax would be cut to 20% from next month, but added that self-employed people would no longer be required to pay Class 2 National Insurance contributions from the next Parliament.
Also from next month, companies which employ under-21s will no longer have to pay National Insurance on their earnings, although this change was originally proposed at the end of 2013.
In another change, farmers will be given more time over which they can average their profits for the purposes of calculating income tax.
At the moment profits can be averaged over two years, but this will be extended to five from April 2016 to help them cope with uncontrollable factors such as the weather and seasonal demand.
Ministers have also announced a comprehensive review of the business rates system which currently applies to 1.8 million properties in England.
Treasury secretary Danny Alexander said: “The government has taken measures to help businesses by capping rates and introducing reliefs for smaller businesses. But now the time has come for a radical review of this important tax. We want to ensure the business rates system is fair, efficient and effective.”
Osborne also announced that he would once again freeze fuel duty, which had been scheduled to rise in September. He said that by the end of the next financial year, duty will have been frozen for five years, the longest period in more than two decades.
Osborne also announced a package of measures aimed at supporting the North Sea oil industry, which has been hit with a sharp fall in the price of oil since last summer.
Publicans and retailers are likely to welcome the news that beer duty is to be cut by 1p for the third consecutive year, while here is also a 2% duty cut on spirits and most types of cider as well as a freeze on duty on wine.
The government said that it also planned to boost broadband speeds and to investigate the use of satellite technology to keep more remote communities and businesses connected.
Read about our small business manifesto and take part in our #whatbizwant competition. Tell us what you want from the general election in May.
"Very easy. Bea Luseni very efficient & knowledgeable."This review was posted by Alan Duffy on the 31st of March 2017
Super helpful and easy to work with
"Recommend this company in a heartbeat - Nicole Borneuf was super easy to talk to, was not pushy in the slightest, very helpful and replied with all my questions very professionally and did all she could to help. I had to deal with a few companies to sort my business energy out, all but Nicole were too pushy for my liking and I refused to follow through with them. Thank Nicole - you are a credit to your company, thank you for making the stressful energy change so easy."This review was posted by Mia Drew on the 29th of March 2017
An Extremely Competent Company
"Switch my business has not only helped my SME secure a good energy deal for the second year running but Jessica swiftly found a alternative supplier for me when I was let down on the day of switching by the new contractual provider I had chosen some 4 months previously. Being suddenly out of contract and without provider is everyone's energy nightmare. Greatest thanks."This review was posted by S McMillan on the 29th of March 2017
Helpful, friendly and we saved lots of money!
"Jessica Purnell was helpful and friendly, she made the whole process easy and simple AND we saved lots of money thanks Jess"This review was posted by Melanie Baker on the 23rd of March 2017
Quick & Easy
"Kabibi was very helpful and the whole process was very efficient. The one small reservation I had was that I was phoned up by Kabibi almost immediately having received my online quote - which wasn't enough time for me to finish reading the quotes! Fortunately she was able to assist me in a greater savings on both Gas & Electricity, and so as long as the switchover is seamless I will remain very happy with the service."This review was posted by Amanda Brown on the 21st of March 2017