Speeches

Simon Kirby – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Simon Kirby on 2014-04-09.

To ask Mr Chancellor of the Exchequer, what steps he has taken to reduce taxation on small businesses; and if he will make a statement.

Mr David Gauke

The Government is committed to make the UK the best place in Europe to start, finance and grow a business and has focused a number of measures specifically on small businesses.

These include a £2,000 Employment Allowance available from April 2014 to support small businesses aspiring to hire their first employee or expand their workforce; and, as set out in the Autumn Statement 2013, a £1bn package of business rates measures, 90% of which is going to businesses occupying small premises. The Government is also increasing the payable R&D tax credit for loss-making SMEs from 11 per cent to 14.5 per cent from April 2014, providing particular support for early-stage companies and start-ups, who face the greatest risks and barriers to R&D investment.

Fuel costs are also significant for many small businesses so the Government has implemented the longest duty freeze for over 20 years. In total, by 2015-16 a small business with a van will have saved £1,300 and a haulier £21,000.