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Chancellor lands paper cuts on Blighty's small biz

Red tape slashed

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Budget Day 2012 George Osborne has promised small businesses that their tax returns in 2012 will be simpler. The admin-slash is one of several measures in today's Budget speech intended to make things easier for small and medium businesses.

The new return will simply ask businesses to report the cash passing through them rather than more complicated financial measurements.

"Small firms will be taxed on the amount of cash passing through their businesses rather than more complicated methods used for large companies," the Chancellor said.

Separate measures in the Budget that will benefit small businesses include £20bn worth of low interest loans intended for SMEs that are to be backed by the government and issued through banks.

There will be increased research and development tax credits for smaller businesses and more financial incentives for start-ups and small businesses to hire staff.

There was a cut of 1 per cent in corporation tax for big businesses, which will take it down to 24 per cent as of next month, and down to 22 per cent by 2014. Tax on small and medium businesses remains at 20 per cent. ®

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