TGtB Business On The Budget 2014

What does the new Budget mean for you?

As Chancellor George Osborne addressed the House of Commons today he declared "If you're a maker, a doer or a saver: this Budget is for you."

The new Budget has shown that the government is taking decisions that will support businesses to invest, export, and create jobs - allowing the economy to sustainably grow.

Commenting on the budget, Morris Owen partner, Rob Beale said: "I guess the starting point was that this was always going to be a political budget from a chancellor with nothing to spend, bearing in mind an election next year.

Headlines for business is that the course we're on is the right one and there are no plans to change it, there are to be further tax breaks to encourage further investment but for many small businesses, this change will be irrelevant."

TGtS Business breaks down the most important aspects of the Budget and how they could affect you and your business:

• Business rates, discounts and enhanced capital allowances will be extended in enterprise zones for another three years. 
• The rate of R&D tax credit will be raised for loss-making SMEs from 11% to 4.5%.
• The Annual Invesment Allowance will be doubled to £500k and extended until the end of 2015. From next month 99.8% of businesses will pay no tax on investments.
• Apprenticeship grants will be made available for small businesses to create in excess of 100,000 new ones.

Rob continued "The most encouraging thing for businesses is that many have seen conditions improve over the last 12 months, and the budget seeks to reassure business owners that this will continue.

The main impact of the budget is for savers and for people nearing their pension age – whilst the devil is always in the detail, as first glance this looks to be the biggest shake-up of the retirement planning process for people for many, many years. No doubt the focus is on the grey vote but the measures look to be a give away at very little immediate cost to the government."

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More to follow...