News Article - 23 May 2012
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Chancellor Alistair Darling has announced a number of concessions to small businesses in Britain, including further funding to encourage female entrepreneurs.

Under the plans unveiled in his 2008 Budget speech, Mr Darling revealed that small and medium-sized enterprises (SMEs) would have greater access to public service contracts.

The government wants small businesses to win 30 per cent of all public sector contracts over the next five years and will put new measures in place to achieve this. Small firms wanting to improve their business reporting and chances of winning public sector contracts could benefit from SME accounting software.

Mr Darling has revealed that small firms will benefit from increased grant funding, with £60 million available under the Small Firms Loan Guarantee Scheme to boost productivity for SMEs this year, while an extension to the entrepreneurs' relief scheme will benefit 80,000 people and help firms to control costs.

The chancellor also stated that new regulations would be introduced that limit the amount of red tape that government departments can impose on SMEs and the rate of corporation tax will fall next month from 38 per cent to 28 per cent.

Commenting on the controversial changes to the capital gains tax (CGT) system, he pointed out that most small business bosses would continue to pay ten per cent.

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