Autumn statement good for SMEs says leading accountant

A leading Worcester accountant has praised the announcements that George Osborne made in his recent Autumn statement.

John Painter, managing partner of CB Chartered Accountants, has welcomed the budget, which highlights the importance of small and medium enterprises (SMEs) to the UK economy, believing that the changes will benefit the smallest companies across the country.

He reportedly said: “The Autumn Statement has shown the government sees the importance of SMEs for this country’s economy.

“By promoting competition for SME credit and encouraging more apprentices to start work, as well as extending the Small Business Rate Relief, the Chancellor has shown that he is committed to supporting the UK’s SMEs.”

Painter did note, however, that the increase in stamp duty for people seeking to buy-to-let or to purchase a second home could make life more difficult for some people, and he advised anyone to seek advice if they are looking into this.

In the announcement, Osborne announced that the Small Business Rate Relief in England will be extended until April 2017. This supposedly will continue to grant 405,000 of the smallest businesses in the UK with total relief from business rates, while a further 200,000 benefit from tapering relief.