United Kingdom

Details

  • Service: Tax, Budget 2012
  • Type: Press release
  • Date: 21/03/2012

Budget 2012: Limited light relief offered for distressed UK businesses 

Wednesday 21 March 2012

 

Today’s Budget will both help and hinder distressed businesses in the UK, says Brian Green, Advisory Partner at KPMG.  He commented:

 

“The decision to raise the personal tax allowance next April to £9,205 and move towards £10,000 in the future is generally welcome and will provide consumers with a little more disposable income to spend on goods and services.  However, whilst this is helpful in the long term, it is too little too late for those retailers already in distress, some of which may see March’s quarter date rent payments push them into complete failure.

 

“The decision not to further defer the planned increase to fuel duty will serve to add to many businesses’ pain and will make their ongoing battle to reduce running costs even more difficult.  By not postponing this rise the Chancellor has missed the opportunity to provide embattled businesses with a little relief.”

 

Ends

 

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For further information please contact:

KPMG Press office

Tel:  +44 (0) 207 694 8773

Zoe Sheppard, PR Manager, KPMG Corporate Communications

Mobile: 07770737994: Zoe.Sheppard@kpmg.co.uk

 

 

About KPMG:

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff.  The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.