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Gloucestershire based Randall & Payne Chartered Accountants have welcomed the help to small businesses contained in this year’s Budget
The Chancellor announced a number of pre-election sweeteners for struggling firms, including a one-off reduction in Business Rates for 12 months starting in October and a doubling in both the Annual Investment Allowance for plant and equipment and the lifetime limit on Entrepreneurs Relief from Capital Gains Tax.
The Green economy in Gloucestershire should also benefit from the £2billion of equity investment in green transport and energy, with wind turbines first on the investment hit-list. RBS and Lloyds will provide another £94billion in small business loans in 2010/11 and mixed with the ‘time to pay’ scheme, where struggling firms can ask for more time to meet their tax bills, this should also help local businesses.
Partner Ian Selwood said: “The budget had few suprises but we were hoping there might be a retraction in the National Insurance rate increases announced in November 2009. The doubling of the Entrepreneur’s Relief lifetime threshold to £2 million and the 12 month reduction in Business Rates for smaller businesses are most welcome and the announcement of a new Investment Corporation (UK Finance for Growth) to oversee help for small businesses sounds good in principle but may just be the reshuffling of existing quangos into another body.”
If you’re a local business and want us to show you how to get the best out of this budget,
please call Ian Selwood on 01242 548600. |
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