Please find below a link to our Budget Summary covering the key points of George Osborne’s fourth Budget that affect small business owners and taxpayers.
Some of the changes were mentioned in last December’s Autumn Statement and earlier Budgets, but there were also many new announcements. The main highlights of the Chancellor’s speech were:
- From April 2014, all businesses and charities will be entitled to an Employment Allowance of £2,000 per year towards their employer National Insurance contributions (NICs) bill. This will particularly help small businesses who want to hire their first employee or expand their workforce
- An increase in fuel duty of 1.89 pence per litre, originally planned for 1st September 2013, will be cancelled. This is great news for trades people and service providers who make home visits and are dependent on their vehicles
- The Government had already pledged to increase the personal allowance to £10,000 by 2015/16, but today announced that this would be brought-forward a year and will now increase to £10,000 in 2014/15
We hope that this summary is easy to digest and proves useful.
A further article with reaction from Jo Nockells of our technical team is on our web-site here
If any of the areas discussed seem likely to have an impact on your personal or commercial plans, please do not hesitate to contact us.