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Budget Delivers Limited Aid to Businesses

April 2009

Accountants Weatherer Bailey Bragg say the Chancellor’s limited resources meant yesterday’s budget has done little to help smaller firms.

Despite being pitched as a budget to kick-start the country’s faltering economy, the announcements could have done more to ease the pressure on the UK’s 4.7 million small and medium-sized enterprises (SMEs).

Yesterday (April 22) chancellor Alistair Darling announced some helpful measures which were welcomed:

  • Loss-making firms would be able to claim back tax on profits from the last three years in the loss carry-back scheme.
  • Capital allowances temporarily doubled to 40 per cent (with effect from April 2009) to encourage investment
  • £750million Strategic Investment Fund to support strategically-important and low carbon projects.

But there will be the opportunity to save more tax-free, with the annual limit for tax-free ISAs to rise to £10,200.

There were also measures to ensure those earning more than £150,000 a year will pay 50 per cent income tax, and to reduce tax relief on pensions for people on more than £150,000 a year from April 2011.

Steve Horsley, partner at Weatherer Bailey Bragg, said:

“The budget yesterday did not do much to help smaller firms during this recession, but there are some positives. It’s a little disappointing, but there is not much to give away in these uncertain economic times.

“However, businesses can do a lot to ensure they have more cash by ensuring their finances are in order and getting advice to ensure they are not paying more tax than they need to be.”

For advice on any of these issues, please contact Weatherer Bailey Bragg on 0121 355 1901