The Budget delivered very little for smaller businesses but could prove to be good news for pensioners and savers, say Swindon accountants Banks.
Richard Mathews, director at Banks, Chartered Accounts in Stratton, said the measures to help businesses were pitched at larger enterprises. “The Chancellor announced that the annual investment allowance will rise to £500,000 until 2015, but how many small businesses have half-a-million to invest?” he said. “Other measures were very industry specific, such as cutting the bingo tax from 20 per cent to 10 per cent, and the energy bill tax breaks for manufacturing. One good piece of news for all businesses was the cancellation of this September’s planned fuel duty rise.”
The Chancellor’s measure to help pensioners and savers were an interesting move, Richard said. These included a new pensioner bond, merging ISAs and increasing the annual investment allowance, and changing pension rules such as those governing drawdown limits, as well as the creation of a free right to advice service. “We’ll have to have a look at the detail as it emerges, but this could change the face of pensions in the future.”