On 22nd June, George Osborne presented the first Budget of the new coalition government. So, how does this new budget affect the small business?
New changes include:
- Standard rate of VAT to rise to 20% on 4th January 2011
- Personal allowance for employees under 65 will increase by £1000 to £7475 for basic tax rate payers
- Enterprise Finance Guarentee to be increased by £200 million to support £700 million of additional lending until 31st March 2011 to support SMB that find it difficult to access normal commercial loans

