Autumn Statement 2014
Recognising that Small and medium-sized entities (SMEs) make the biggest contribution to the creation of jobs and wealth in the UK, this final Autumn Statement of the current Parliament (ahead of the election in May 2015) includes a number of measures particularly relevant to them.
These include an increase (to 230%) in the tax relief for expenditure on qualifying research and development work; extending the abolition of the NIC “jobs tax” to apprentices under 25; providing further finance both for the British Business Bank’s Enterprise Capital Funds programme (£400m) and for the Enterprise Finance Guarantee scheme (£500m).
High street retailers will also benefit from a business rate discount that rises from £1,000 to £1,500 (with a full review of the structure of business rates promised by 2016); a £45m package will be made available for first time exporters; and there will also be tax relief available for businesses in flooded areas.
Plans to support businesses, especially those on the high street are encouraging. The move to increase the business rates discount is very pleasing to see in this Autumn Statement. Business rates are particularly problematic for retailers who are fighting for business against online retailers, so this is most definitely welcomed.
Businesses should seek professional advice with tax planning. Business owners should carefully study the details of George Osborne’s Autumn Statement and contact us to see how they can personally benefit. A more detailed analysis of this years Autumn Statement can be found in 'Latest news for business' link which can be found in the resources section of our website.
Author: Stuart Hinnigan FCA CTA
Stuart’s career in accountancy began when he joined Preston based Moore and Smalley in 1994 following his graduation from Lancaster University. He qualified as a Chartered Accountant in 1997 and then chose to specialise in...
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