Autumn Statement 2014

Tuchbands, chartered accountants in North London, have published a report providing an overview of the Chancellor of the Exchequer’s Autumn Statement, his last before the 2015 General Election. It details George Osborne’s latest announcements and measures that could affect you or your business.

One of the main announcements was the complete reform of stamp duty on residential property. The existing system will be abolished, with a new set of graduated rates – including a new 12% rate for the most expensive properties – that came into effect today (Thursday 4 December 2014).

For SMEs there was a £400 million Treasury pledge to extend Government-backed Enterprise Capital Funds, and plans for new bank lending under the Enterprise Finance Guarantee. The R&D tax credit will also be increased for SMEs. The doubling of Small Business Rate Relief was extended for a further year from 1 April 2015.

Effective tax and financial planning should be an ongoing, year-round process, and at Tuchbands we can help you to reassess your plans regularly, and adapt them as your personal and business circumstances change. With our help, you can plan for a rewarding and financially secure future.

READ THE 2014 AUTUMN STATEMENT REPORT HERE

This report was prepared immediately following the Chancellor’s Autumn Statement based on official press releases and supporting documentation. The publication is for guidance only, and professional advice should be obtained before acting on any information contained herein. No responsibility can be accepted by the publishers or the distributors for any loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.