Spring Budget A Huge Kick in the Teeth for Entrepreneurs

Andy Steele, Director of Hull and East Yorkshire-based 360 Chartered Accountants, gives his reaction to yesterday’s Budget.

“Despite the financial constraints he continues to operate under, Chancellor Philip Hammond announced additional funding for transport, education, social care, R&D and the ‘disruptive sector.’  Not surprising given that he also announced the U.K. is one of the least productive economies in the G7! 

So who’s paying for all of this? You and I of course! 

The treasury is awash with tax revenues from an economy that is probably as close to full employment as we’ll ever see again.  He’s also gone back on an election pledge by increasing national insurance on the self-employed.  A surprise reduction to the £5K dividend allowance means SME owners have been attacked too. 

This is a huge kick in the teeth to the entrepreneurs that created the extra jobs in the first place!

As always, the devil will be in the detail, so please keep an eye on our social media outlets for further commentary.”

For a full overview of the Budget please click on the following link and if you have any queries whatsoever, please contact one of the 360 team on 01482 427360.

For more information about 360 Chartered Accountants please visit www.360accountants.co.uk and www.360mentor.co.uk.  Follow @360accountants on Twitter and search for 360 Chartered Accountants on Facebook

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