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Essay / Research Paper Abstract
A 5 page paper in two parts. The first part examines changes in the UK government’s position on small business within Budget 2002, Budget 2003 and pre-Budget 2003. The second part of the paper discusses UK small business Greenleaf Publishing and how the tax initiatives have benefited the company. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSgovUKsmBiz.rtf
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Unformatted sample text from the term paper:
The budgets of the United Kingdom for 2002, 2003 and the pre-budget for 2003 all address the needs of small business and seek to create a more business-friendly environment for
the entrepreneur. Of the three, the budget of 2002 made the greatest number of dramatic changes relevant to the needs of small business; the following two incarnations seek to
fine-tune issues directly related to financing. Changes in the tax structure seek to enable small businesses to achieve greater freedom in raising capital and keeping a greater proportion of
it to apply to the growth of the business. Governments Overtures Provisions of Budget 2002 Budget 2002 made several changes important to small
business. It cut the small company tax rate from 20p to 19p, and it eliminated all corporate tax for the UKs smallest companies. For those small businesses with
less than ?150,000 in turnover, Budget 2002 calls for a flat rate of value-added tax (VAT) (Budget Highlights, 2003). It allows for bad debt relief to recover VAT already
paid on items, and it provides ?30 million for training the employees of small business (Budget Highlights, 2003). It gives special preference to businesses of all sizes doing business
in deprived areas by eliminating the stamp duty on business conducted in deprived areas. Further, Budget 2002 gives "capital allowances for investment in green technologies" (Budget Highlights, 2003) and
reduces license fees for the least-polluting vehicles. Thus if small delivery or retail services businesses use highly-efficient vehicles in the course of their work, then the savings available is
not only that of fuel savings. They also can save in licensing fees, which of course can be substantial. Finally, Budget 2002
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