Ignition Credit

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The Spring Budget – how will it impact SMEs?

18th March 2016 By Lisa Sutherland

The Chancellor’s speech on Wednesday contained a number of positive measures for SMEs, confirming falling business rates and a series of reductions in rates of corporation tax.

Here’s a brief summary of some of the measures that may be of particular interest to SMEs:

  • Business rates

From April 2017 business rates on properties with a rateable value of £12,000 or less will be abolished, and tapered for those worth up to £15,000. As a result, some 60,000 small firms will not have to pay business rates, while 250,000 will pay lower rates.

  • Corporation tax

The Chancellor is extending the reduction in corporation tax by an additional 1% to 17% from 2020.

  • Capital allowances on business cars

The current 100% first year allowance on businesses purchasing low emission cars will be extended to April 2021. The CO2 emission threshold for the main rate of capital allowances for business cars will reduce from 130 gm/km to 110 gm/km from April 2018.

  • Making tax digital

From 2018 businesses who are keeping records digitally and providing regular digital updates to HMRC will be able to adopt pay-as-you-go tax payments. This will enable them to choose payment patterns that suit them and better manage their cash flow.

  • Petroleum Revenue Tax (PRT)

The rate of PRT will be permanently reduced to zero for all chargeable periods ending after 31 December 2015.

Filed Under: News

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If you require assistance or further information call one of our finance experts on 01872 272900 or 0330 010 4282.

You can also request a quote online, or use our simple vehicle finance calculator.

Finance Products & Services

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Our Products & Services

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What We Finance

  • Car Finance
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  • Refresh, Refurb and Renovate with Ignition

About Ignition Credit

Registered Office
Sterling House,
Green Court,
Truro Business Park,
Threemilestone,
Cornwall,
TR4 9LF

Phone
01872 272900
0330 010 4282

Email
Sales Enquiries: [email protected]

Office Hours
Monday-Friday: 9:00AM-5:00PM

Cornwall Chamber of Commerce

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Copyright © 2025 Ignition Credit. All Rights Reserved
E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85
Registered Office: Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

IGNITION CREDIT PLC is Authorised and regulated by the Financial Conduct Authority FRN 679018
IGNITION CREDIT PLC IS AN AUTHORISED CREDIT BROKER AND LENDER I Ignition work with a panel of lenders

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