Recently we witnessed the most positive national treasury statement for Greater Manchester in living history. One week on, we are still digesting the significant impact that this will have on our business community.
Bennett Verby were delighted to see the Chancellor acknowledge the significant role the North West is playing in the economic recovery. Confirmation of the devolution deal, planned investment in transport, culture and science and innovation mean that the region will continue to drive growth and recovery.
Bernard Verby, CEO, (pictured left) commented:
‘We have seen signs that the Economy has been improving for a while. Although lending criteria still remain pretty strict, we have seen more clients secure funds to support growth in the last 6 months than in the last 2 years. We are also seeing clients expanding into merging export markets’
Confirmation that there will be further investment into road and rail improvements in the region, including plans to upgrade the M62 and to undertake a feasibility study into a Trans Pennine tunnel linking Manchester and Sheffield, will increase accessibility to the towns and cities across the North West. With Manchester International Airport nearby, the towns across the region will become more attractive to businesses that are looking to grow their national and international presence.
In the past, the region has made national headlines due to the high volume of empty retail units. For small high street shops, cafes, pubs and restaurants the extension of the Small Business Rate Relief will be most welcome as will the plans to review business rates.
Bernard added:
‘We are seeing fewer vacant units and there are big plans to improve Stockport town centre. We know though, that for many clients in this sector that the issue of business rates is a significant one, as it can be one of the largest outgoings. We welcome the planned review.’
Massive investment in science and culture in the region: £235 million for the new Sir Henry Royce Institute for advanced materials and innovation and £78 million for The Factory theatre and arts venue were met huge enthusiasm across the region. In additional the chancellor announced increases in Research and Development tax relief as well as tax relief for companies that produce high end TV programmes, video games or theatre productions.
Bernard responded:
‘Over the last 5 years the tax team at Bennett Verby have worked with a number of clients, in manufacturing, IT, business services and the medical industry to secure more than £5million over in research and development tax relief. Recent data showed that many businesses are failing to recognise that they can claim tax relief. Due to the investment outlined, the region will see significance growth in this sector and it is important that business owners talk to their advisors about their plans.’
The big announcements, such as the restructuring of stamp duty, incentives to employ apprentices and an increase in the income tax personal allowance will have an impact across the region, just as they will nationally. The significance of this treasury statement however is the additional support for the North West: The Creation of a Northern Powerhouse.
For further information, please see our Autumn Statement Newsletter http://www.bvllp.com/news/tax_news/index.php
Azets welcomes debt advisory specialist to North West 
HMRC warns of Self Assessment scams 
Inflation rose to 3.8% in July