No miracle cure but Llanelli small businesses deserved more from Autumn Statement to help aid recove

Llanelli small businesses needed more from the Autumn Statement to aid recovery, according to a local tax specialist.

Roger Bowen who runs TaxAssist Accountants Llanelli said that the Chancellor’s Autumn Statement today (Wednesday December 5) could have done more to support vital local economies. He said:

“The Chancellor said there was no miracle cure, but there could have been more antidotes to help aid recovery. Extending small business rate relief to April 2014 is good news for many small businesses. We also welcome the cancellation of the planned 3p fuel duty rise. For Llanelli trades people and service providers who make home visits, their cars and vans are a vital part of their service, not a luxury and they can’t absorb the cost of fuel price increases.

“The tenfold increase in the annual investment allowance to £250,000 for plant and machinery, will also be a welcome boost for growing small businesses, such as local print, construction and IT companies, for example.”

“But the Government needs to do more to level the playing field and help Llanelli small businesses access vital funding to create growth and jobs. Their competitors, often multinationals, benefit from paying reduced and sometimes no tax and so are able to offer far more competitively priced products and services.

“We will await details on the new Business Bank, but would have liked to see an increase in the VAT registration threshold. That simple measure would provide significant savings for many small businesses and would have been a welcome early Christmas present from the Chancellor.”