Chancellor George Osborne made some interesting announcements as he presented the Autumn Statement on 5th December 2013. Bryan Elkins, Head of Tax Consultancy Services for Spofforths LLP, reviewed the proposed changes and he believes there are a number of measures which will impact upon businesses in Coastal West Sussex.
Bryan said: “The news of the Business Rate changes are encouraging for businesses with the RPI increase in 2014 being capped at 2%. In addition to this, businesses who are looking to move into a retail premises which has not been occupied for 12 months will receive a discount on their business rates for 18 months.
“Business will now also be able to pay their rates in 12 monthly instalments as opposed to 10 and the Small Business Rate Relief will be extended for a further 12 months to April 2015.
“It was announced that employer’s will be able to save money on employing individuals under the age of 21. Subject to their earnings levels the Chancellor confirmed that Employers NIC will not be payable, reducing the cost to the employer. This is on top of the £2,000 employers NIC allowance being made available from next year.
“All in all, this will not have a significant impact on the tax liabilities of SME business, but one or two encouraging factors are better than none!”
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