NEWS

The latest from Balance for Business

Tax thresholds to rise in line with inflation

Personal allowance (PA) rose to £11,850 under Philip Hammond’s budget, with the higher-rate threshold also rising to £46,350 from April. A basic-rate taxpayer on a £30,000 salary will save £101 a year in tax while a higher-rate taxpayer who earns £50,000 a year will be £236 better off. Iain McCluskey, tax partner at PwC points […]

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Business rate cut welcomed

Philip Hammond has brought forward a cut to businesses rates meaning from April 2018 rates will rise in line with the lower Consumer Prices Index (CPI) measure of inflation, not the Retail Prices Index (RPI). Business rates were due to go up next year in line with September’s RPI of 3.9%, while CPI was 3% […]

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Hammond’s Budget welcomed by SMEs

Philip Hammond has announced measures aimed at calming entrepreneurs worried about whether leaving the EU would mean less investment for UK startups. In order to help businesses grow, the Chancellor announced a plan to unlock over £20bn to invest in scale-ups, including investing in a new £2.5bn fund run by the British Business Bank. The […]

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Alstom outlines site closure plans

Alstom has outlined plans to leave its Preston site, in a move that would affect 180 jobs, as the train manufacturer looks to focus on its new transport technology centre in Widnes.   Click here for full article Click here for related articles

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Historic engine maker acquired

Historic Gloucestershire engine manufacturer Lister Petter has been acquired by a Devon-based customer. Sleeman & Hawken, based in Teignmouth, has acquired the intellectual property (IP), brand and right to manufacture the Lister Petter products with immediate effect.   Click here for full article Click here for related articles

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Pay squeeze set to last five more years

The Resolution Foundation has warned the average pay packet in Britain in five years’ time will still be more than £20 lower than it was before the start of the financial crisis. The thinktank said that an expected downgrade to Britain’s future productivity in next week’s Budget would have a negative impact on wage growth […]

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FMB: Builders need access to finance

Brian Berry, chief executive of the Federation of Master Builders, has urged Philip Hammond to improve access to finance for SME building firms in a bid to tackle the housing crisis. He said the Government “must address the access to finance issue that local housebuilders continue to face,” saying the Chancellor needs to “commit to underwriting […]

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Tax breaks scheme faces Budget clampdown

Tax breaks designed to support start-ups are facing a clampdown, after wealthy investors exploited them to cash in on less risky schemes. Philip Hammond is set to launch a crackdown on the £1.9bn Enterprise Investment Scheme in the Budget, in a bid to ensure that anyone claiming the relief is at genuine risk of losing […]

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VAT reform: What do proposals mean for small businesses?

An independent review has proposed significant changes to the VAT system, promising to simplify the tax burden for small business owners. But, with indications the entry threshold could be reduced, an organisation representing smaller firms has called for reform to instead focus on supporting entrepreneurs.   Click here for full article Click here for related articles

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Growth hits nine-month high

Growth is rising across almost the entire country, hitting a nine-month high in October, according to Lloyds’ latest PMI report. Nearly every region saw growth levels accelerate – and only in the Southeast of England, the East Midlands and in Northern Ireland did the rate of business growth actually slow down. Scotland’s private sector also […]

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