Pictured: Richard McNeilly
Dains Chartered accountants and business advisers is urging
businesses to carefully study the Chancellor's Autumn Statement to
see if they can benefit from any of his newly announced
measures.
George Osborne announced a range of measures aimed at helping
small and medium-sized businesses, include a £40 billion
National Loan Guarantee Scheme where the Government will underwrite
low-interest loans.
From April 2012, anyone investing up to £100,000 in a new
start-up business will be eligible for Income Tax relief of 50%
under a new Seed Enterprise Investment Scheme (SEIS).
In 2012, any tax on Capital Gains invested in such businesses
will also be waived. The Government will also freeze the annual
exempt amount for Capital Gains Tax at £10,600 for
2012-13.
Another measure announced is a £1 billion Business Finance
Partnership aimed at Britain's mid-sized companies.
For small businesses, the Government has extended the current
business rate relief holiday until April 2013, while other firms
will be able to defer 60% of next year's business rate increase,
instead repaying this equally across the following two years.
Mr Osborne announced an "above the line" research and
development (R&D) tax credit in 2013 to encourage research and
development activity by larger companies. This will be consulted on
for the 2012 Budget to ensure that SME R&D tax credits are not
reduced as a result of this change.
Richard McNeilly, Business Development Partner at Dains said:
"George Osborne has announced a raft of proposals, which, on the
face of it, will benefit small and medium-sized business.
"We particularly welcome the measures announced regarding the
National Loan Guarantee Scheme (NLGS), the new SEIS and the
extended rate relief holiday.
"SMEs (small and medium-sized businesses) often find it
difficult to access funding. Hopefully, the NLGS will open up new
credit lines to help struggling businesses stay afloat.
"However, because of the current uncertain economic climate, it
is too early to say whether these measures will help the country
get back on its feet.
"Over the coming days and weeks we will be studying the detail
and will be happy to talk to local businesses seeking to take
advantage of any of the measures announced".
For further information contact Richard McNeilly on 0854 555
8844 or email rmcneilly@dains.com
For more information on Dains, please visit their website
here: www.dains.com