Budget Day wishlist

Chris Hill, of Tenon, speaks of Rochdale's "ticking time bomb"

Budget day – one of the most important dates in the parliamentary year. But what will it mean for Rochdale?

Chris Hill, office managing director of Rochdale based accountants Tenon, has spoken out about the town’s need for an economic boost, he said: “Many businesses are currently making losses. We need to help businesses manage their tax cashflow by offsetting these losses against earlier years’ profits and claiming a repayment of tax.”

Mr Hill issued his top ten wishes for the Financial Statement and Budget Report, due later today:

• Abandon for good the planned increase in the small companies’ rate of corporation tax to 22% and revert to a rate of 20%
• Changes to the way in which small businesses are taxed
• Help for small businesses to access tax losses earlier so as to help manage their tax cashflow
• Have certainty of VAT rates, increase standard rate to 20% and allow businesses time to adjust their processes and systems
• Give employers a National Insurance Contributions holiday
• Increase CGT Entrepreneurs’ Relief to £5 million and increase the main rate of CGT to 25%
• Increase the amount of annual investment in an ISA to £12,000, with half being in cash
• Further changes to inheritance tax
• Stamp Duty Land Tax suspension
• Commit to higher rate relief on pension contributions.

Rochdale Online will report on the the Budget.