What does the Budget mean for your business?
Will the last Budget before the election help or hinder your firm?
The 2010 Budget delivered some unexpected initiatives for entrepreneurs and is a step in the right direction. Although the £2.5bn one-off growth package to help small business, promote innovation, investment in national infrastructure and key skills appears impressive, will it be enough to afford entrepreneurs the help they need as they navigate their way out of recession?
The doubling of the Annual Investment Allowance is welcome news. It will allow businesses to claim immediate tax relief of up to £100,000 each year for capital assets (excluding cars) purchased from April 2010. This will mean an additional saving of £10,500 for companies and up to £25,000 for unincorporated businesses. In a further concession, businesses that purchase new zero-emission goods vehicles from between April 2010 and April 2015 will benefit from a 100% first year allowance.
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