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|Aldermore comments on major SME issues in the Budget|
|Wednesday, 16 March 2016|
Commenting on the Budget announcement that the tax threshold for small businesses will rise to £15,000, Carl D’Ammassa, Group Managing Director of Business Finance at Aldermore, said: “The increase of the tax threshold for SMEs announced today provides a much needed boost to more than half a million SMEs right across the country. SMEs continue to be the driver of economic growth, but at a time when the economy faces significant threats, anything that can be done to provide added relief to small businesses is a welcome shot in the arm. With the majority of Aldermore’s SME customers based outside London and the South East, where local economies vary significantly compared with the national picture, this is particularly welcome.”
On the announcement that small businesses rejected for finance by high-street banks will be pointed towards alternative lenders, D’Ammassa said: “We consistently hear from small businesses who are unable to access the finance they need on the high-street. Today’s announcement that SMEs will be matched with alternative lenders after the rejection of an application could have a significant impact on the ability of small businesses to access the funds they need to grow. We look forward to seeing more detail on this and the scheme being rolled out for SMEs across the country as quickly as possible.”
Finally, on the Capital Gains Tax reduction, D’Ammassa added: “The cut in Capital Gains Tax also provides an added incentive to those seeking to build and grow small businesses across the UK. It is vital that the Government continues to provide support to both existing and growing small businesses but also builds incentives for micro businesses and sole traders to grow their activity in the long-term.”
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