NIRTA Says UK Budget Positive For Small Business

On reducing Red Tape: “Since the majority of businesses in Northern Ireland employ less than 10 people, it is to be welcomed that no new regulations will be imposed on them for three years. Time and time again our members have told us that they are drowning under the huge burden of red tape and employment law-so we hope that this will give them valuable breathing space. “We also need the Northern Ireland Executive to follow through with a similar commitment and we and that this will form part of the new Programme for Government after the Assembly Elections” On Fuel Duty “While we had hoped they could go further on reducing fuel duty given the negative impact on both consumers and our members, the Chancellor has taken measures which will give some small help to alleviate the problem. “The removal of the Fuel Escalator is a sensible step as is the dropping of the 4p rise but we would have preferred a radical reduction on VAT on fuel” On Tax “This is an area which the Chancellor could have been bolder.xa0 Instead of tinkering with a very small increase in personal tax allowance, Mr Osborne would have been better reducing VAT to help hard working families. “A 2% reduction in Corporation Tax is welcome, but we would hope that Northern Ireland will get a much bigger reduction in the years to come” Overall Assessment on Budget “NIIRTA hopes that this Budget will stimulate growth in the Economy, particularly for our small business sector in Northern Ireland”]]>