Chancellor George Osborne’s last budget before the May General Election at first sight looks like good news for Swindon businesses and residents.
But Banks BHG chartered accountants have said they need to see more detail about some of the announcements.
Banks BHG director Richard Mathews said: “At face value, it looks to be a positive Budget, which is to be expected given the improvements in the economy over the last 12 months.”
Included in the measures is the scrapping of Class 2 National Insurance for the self-employed. Businesses employing youth apprentices will now no longer pay National Insurance; an announcement to scrap NI for under 21s had previously been made.
“These measures appear to be good news for businesses, as does the planned review of the business rates system. But we would like to have seen the Chancellor announce what the Annual Investment Allowance will be beyond December. Currently, it is £250,000 but it could drop back. And we would like more detail about the changes to Entrepreneur Relief, and to the Film and Tax credit scheme.”
Richard said, for individuals, the new personal savings allowance – tax being waived on the first £1,000 of interest on savings – was good news, as were the increases in the personal allowance and the threshold for higher rate tax.
He said: “We also like the sound of the Help to Buy ISA for first-time buyers, but need a lot more detail on this.”
Pictured above: Richard Mathews of Banks BHG