Investment allowance for SMEs spared a deeper cut

Small firms will benefit from an extension of the annual investment allowance, it was announced at yesterday's Budget. The allowance allows businesses to make 100% tax-deductible investments in equipment, plant and machinery. The allowance is currently set at £500,000, but was due to fall to £25,000 from January. The new allowance has been set at £200,000. New enterprise zones are being created to encourage more start-ups and stimulate growth in the small business sector, meanwhile. To help small firms access finance, plans have been put forward to force banks to pool SME credit information and to push small firms rejected for a loan towards alternative providers.


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