Cuts in corporation tax and tax breaks for manufacturers of ultra-low emission vehicles...like bicycles?

Budget 2013: Local businesses to compete for new funding pot

Chancellor George Osborne’s budget, delivered this afternoon, has revealed a number of measures that will and could impact on business in the cycle trade, including tax cuts and funding pots.

  • The Chancellor has announced tax incentives for manufacturers of ultra-low emission vehicles. He didn’t go into specifics, but it’s likely the Chancellor is overlooking bicycle manufacture in that category.
  • Osborne has announced that he will be launching a single competitive funding pot for local enterprise.
  • Corporation tax has been cut to 20 per cent which is, according to Osborne, the lowest in the world for a major economy.
  • As was predicted by many, the forthcoming fuel duty has been postponed, a move that won’t please the likes of Sustrans, but will not be unwelcome to bike businesses transporting goods around the country.
  • National Insurance bills will be cut for small businesses, with an Employment Allowance – so the first £2,000 will be taken off national insurance paid by every company

In other news...

Retail finance plays key role in strong sales for bike retailers

The Association of Cycle Traders (ACT) has reported an increase in both new and returning …