Welcome Budget backing for small business says local specialist
Small businesses received some welcome backing in today's Budget, according to a local tax specialist.
Gary Perrens who runs TaxAssist Accountants in Sudbury said: "Local business owners have grown used to bearing the brunt of Budget changes and new legislation and receiving little in return, but the Autumn Budget has at last given them some good news to encourage investment and growth.
"The £44 billion housing investment announcement will be a welcome contribution to local economies, with many local businesses, particularly in the construction industry, reaping benefits.
"Many local business owners will also be looking at available opportunities under the £2.5 billion scaled-up British Business Bank, the £500 million investment announced for new technologies including 5G mobile networks and fibre broadband and £2.3 billion investment in research and development.
"The Government has clearly listened to the Federation of Small Businesses and halted plans to lower the VAT threshold. Keeping that at £85,000 for the next two years will be welcome news for many small firms and self-employed business people. The personal allowance will increase to £11,850 from April and the higher rate threshold moves to £46,350.
"Cancelling the planned rise in fuel duty will help those businesses which deliver products and services to our homes, where cars and vans are essential not a luxury. Many business owners will also be relieved that vans are excluded from the planned increase in vehicle excise duty for diesel vehicles. In the future, local business owners will want to look closely at the potential benefits of electric cars as company vehicles.
"Business rates will now increase in line with the consumer prices index, instead of the higher retail prices index and many local businesses will be delighted to see the back of the so-called 'staircase tax' which would have hiked their rates bills if their workspace was split over more than one floor of a building. More frequent valuations are also welcome and many local pubs will benefit from a £1,000 discount for another year.
"We will be looking in more detail at the many announcements made by the Chancellor which will impact on small businesses, but overall there has at last been some recognition for the over five million small businesses across the U.K. who contribute a massive £1.8 trillion to our economy.”
Member since: 17th March 2014
Hello! I'm Penny from thebestof Sudbury, shouting about the best local businesses from Hadleigh through the Clare. When I'm not doing that, you'll find me knitting socks or tending to my 6 chickens