South: HWB comments on Autumn Budget

Michaela Johns, director at leading accountants and business tax advisers HWB, said: “This Budget marks a clear shift in fiscal direction from the Government following an eight-year austerity programme and there are a number of announcements that will be broadly welcomed by the business community in the south.

“The Annual Investment Allowance being increased from £200,000 to £1million for two years, together with business rates being cut by a third for small companies, will reduce the financial burden on many businesses and potentially give some ‘breathing space’ to allow for growth and innovation.

“It comes at a crucial time as many businesses are still holding back on future investment because of the uncertainty surrounding Brexit.

“The south is a thriving hub for entrepreneurial start-ups and I’m pleased to see that the Entrepreneurs’ Relief stays in place, albeit under tighter controls which will have to be carefully monitored by businesses.

“Overall this budget offered few surprises, but it should give a welcome confidence boost to SMEs in the south. It would seem that budgetary discipline has allowed the Chancellor to make much-needed contributions to public services, without adversely affecting entrepreneurs’ taxes rates. However, the devil is in the detail and we will need to analyse the papers in full to see the true picture and how it will translate for businesses in the south.”

Johns welcomed the “plastics tax” but said it will need to be carefully monitored to ensure compliance.

Johns added: “I believe this is the first step towards a well-designed tax system on single-use plastics and I’m keen to also see an emphasis on driving forward technologies that help businesses become more environmentally-friendly.”