Newcastle-based Ken Wilson & Associates (KWA) said the corporation tax cut and changes to the way business rates are calculated would curry favour with North East businesses. The threshold for small business rate relief will be increased from £6,000 to £15,000, while corporation tax will be reduced from 20% to 17% by 2020.
Ken Wilson, chairman of KWA, said: “The business rate reforms are long overdue. The indexation of business rates will be based on the CPI measure of inflation, rather than the higher RPI measure, which should significantly reduce costs for businesses.
“The Confederation of British Industry estimates that business rates currently account for 16p in every £1 of tax paid by companies, so today’s announcement by the Chancellor is very welcome news.
“Also welcome is his pledge to upgrade the A66 and A69, although he needs to set out a timeframe for both of these important projects.”
For further information about KWA, call 0191 232 2330, visit http://www.kwa.co.uk/ or e-mail enquiries@kwa.co.uk.