We all still need to tighten our belts, but small business growth will be really important in kick-starting the economy. While the government on the one hand has helped small firms with schemes like the credit easing programme and tax credits for research and development, it has also taken away.
I'd like to see George Osborne restore the capital allowance on expenditure back from £25,000 to £100,000. Right now small businesses will only get 100% tax relief on equipment and machinery investment up to £25,000. If you're a small firm looking to up your expenditure on communications infrastructure equipment to drive innovation and communication, that's really not a lot to play with.
I'd also hope to see the chancellor open his red briefcase to offer direct contribution to small businesses that invest in training, particularly ICT training. Right now if you invest £100 in training you only get around £25 back in tax relief. If the government helps to fund training costs to get Britain's employees trained they'll be in better position to develop and drive growth.
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