Today, George Osborne MP predicted growth of the UK economy in 2014 of 2.7%, and 2.3% next year. He said: "If you're a maker, a doer or a saver: this Budget is for you.”
In brief, here is a breakdown of the key changes announced in the Budget today which are likely to affect you and your business.
- The personal allowance will rise to £10,000 next month as announced last year and will go up to £10,500 in 2015.
- The higher rate tax threshold will rise from £41,450 to £41,865 in April and then by a further 1% to £42,285 next year.
- From midnight tonight residential property worth over £500,000 bought via a business will incur stamp duty of 15%.
- The amount of lending available to exporters will be doubled to £3 billion, while interest rates to exporters will be cut by a third.
- Apprenticeships have been given a boost with the news that the grant available to businesses with fewer than 1,000 employees will be extended to 2016.
- In a bid to create jobs and strengthen the manufacturing sector, a £7 billion package will be made available to businesses in the sector.
- Business rate discounts and enhanced capital allowances in enterprise zones extended for three years.
- The annual investment allowance for companies will be doubled from £250,000 to £500,000 until the end of 2015.
- The annual limit for saving in an ISA will be raised to £15,000 from July 1st 2014.
- The Help to Buy scheme will now be extended to 2020.
- A £200m pot will be made available to help local authorities to repair potholes.
- The chancellor froze petrol duty which was planned for September, froze duty on spirits and cider and reduced duty on a pint of beer by 1p. Cigarette prices will increase by 2% above inflation.
Whatever the Budget 2014 means for you and your business, our commercial solicitors are here to assist with all aspects of your business needs.
We have experts in commercial disputes, commercial property, debt recovery, employment law advice, corporate and commercial transactions, landlord and tenant disputes, wealth protection/wills advice and much more.
ENDS
Media information: Lianne Tracey and Chloe Kendall
Stephensons Solicitors LLP
Tel: 01616 966 229
Email: lct@stephensons.co.uk or cke@stephensons.co.uk