Direct Line: 'More needs to be done' for small businesses

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Direct Line: 'More needs to be done' for small businesses

Wed 12th Mar 2008

Direct Line has welcomed the chancellor's introduction of 'entrepreneur relief' in the form of a ten per cent tax rate on gains up to £1 million, but says more needs to be done.

Although the move should help protect small businesses and encourage entrepreneurialism, Direct Line warns that the reforms "have caused a lot of confusion and uncertainty within the small business community".

It also notes that companies with gains over £1 million who want to "sell up and lock in" on the ten per cent rate before the April deadline have a very short timeframe to do so.

Recent research from Direct Line revealed that of 600 small businesses owners surveyed, 34 per cent were not aware of the proposed changed following the pre-Budget announcement in November 2007, while 26 per cent admitted to not understanding what the changes meant for them.

It stressed that if the government wants to alter regulation and legislation, it is "it is important such changes are communicated effectively".

A recent survey from Abbey found that 49 per cent of Brits would like to open their own business.

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