The Chancellor, George Osbourne has today announced his budget for the next year. It seems fair to say that the 2014 UK budget is pro-business which is great news for all of us especially as the UK is predicted to overtake the pre-crisis peak which we’ll potentially see happen by the summer and this budget seems to be here to help businesses grow.
Here’s a highlight of the 2014 UK Budget things that matter to businesses:
- Export lead business in the area will be happy as the government announces a new scheme to boost exports by doubling finance availability to £3bn.
- Any business that uses vehicles be it individually or a fleet will be pleased to hear that £200bn has been earmarked for pothole repair and the proposed rise in fuel duty in September 2014 has been scrapped.
- If you are a high earner the the higher rate of income tax threshold will rise from £41,450 to £41,865 from next month. It will then rise by a further 1% to £42,285 next year.
- Everyone’s tax free allowance will rise £500 to £10,500.
- Businesses in the Pub/leisure sector will not see a rise in Whiskey or Cider duty. Beer duty, however, will be cut by a penny a pint. Tobacco is going up by 2%
- There will also be a £7bn package to cut energy bills including £18 per ton cap on carbon price support. Medium-sized manufacturers can expect to save £50,000 from this according to the Chancellor.
Obviously there are quite a few more points to the 2014 UK budget that may affect you personally but these are the key ones for business.