Partner Article

Budget encourages businesses to invest with tax allowance

George Osborne’s 2014 Budget has offered smaller and medium-sized businesses vital breathing space to invest and grow according to Liverpool-based Middleton Solicitors.

Practice Director Viki Barry said that doubling the investment allowance from £250,000 to £500,000 would boost businesses confidence. By charging no tax on investment up to half a million pounds firms are more likely to invest in employing and training young people, upgrading infrastructure and capacity and moving into key export markets.

“The announcement from the Government is designed to entice firms to invest in the future and grow from small businesses into established, significant commercial entities,” said Viki.

“In the Liverpool City Region alone official figures say we have 11,740 people aged 16-24 claiming jobseekers allowance. These are young, capable people who have lots to offer and they are finding it impossible to get a job.

“Businesses have obviously been very careful during the tough times as they have opted to bring in experienced workers, but this announcement should give them the confidence to invest in youth employment to and create the skilled workers of tomorrow while they build up their business and broaden their horizons.

“With Liverpool benefiting from the major SuperPort infrastructure project over the next decade which will revolutionise import and export in the region, this announcement will help firms throughout Merseyside capitalise on that investment.”

This was posted in Bdaily's Members' News section by Dan Minchin .