SME lending may have slipped under the radar as the spotlight was focused on the headline-grabbing announcements in Chancellor George Osborne’s Budget.
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But promoting competition in SME lending is still very much on the Government’s wish list.
The Budget statement revealed that the British Business Bank will be asking for a show of hands from credit reference agencies and finance platforms who could potentially help those turned away by the banks. The annual rush to file a tax return is coming to an end.
Proposals to scrap the annual tax return and replace it with a new digital process to collect tax and National Insurance contributions was a good reform, especially for the self-employed, said Emma Hall from Clifton Wealth.
But she does have a word of warning.
[blockquote]”If mistakes are made due to the new process, will the client be penalised?”[/blockquote]
Mr Osborne also announced a Government review into attempts to avoid Inheritance Tax using deeds of variation.
With no movement in the IHT band planned until at least 2018, this could be a significant change which will affect succession planning for our clients,” Emma said.
The Government is planning a new personal savings allowance to remove tax on up to £1,000 of savings income for basic rate taxpayers and up to £500 for higher rate taxpayers from April 2016.
Additional rate taxpayers will not receive an allowance.