Dutton Moore is one of the largest independent firms of Chartered Accountants and Business Advisers in Yorkshire, offering a complete range of services, and are experts in financial planning and advice.
Heading up the firm is Managing Partner Tony Bullock. He commented: “Many are still asking when will things get back to normal – and the future is now looking more positive than it has done for over a year, with the successful vaccination programme, consequent lockdown easing and allowing our freedoms to return. We cannot predict what the new normal will look and feel like, but certainly, the recent budget has provided considerable stimulus for businesses up and down the country.
Tony was impressed with the recent budget delivered by Chancellor Rishi Sunak: “It was full of innovative and fair announcements across the board.”
Tony picked out some key highlights: the successful furlough scheme which is continuing until 30th September. Business rates for retail, hospitality and leisure are nil to 30th June, then 66% to 31st March 2022 for businesses with revenue below £51k. The VAT for tourism and hospitality stays at 5% until 30th September 2021 and then 12.5% to 31st March next year is a really great stimulus to encourage people back. The purchases of new plant and equipment for businesses get a super deduction of 130%. And the no change in income tax rates or personal allowances.
Tony continued: “The forecast for growth from the Bank of England and OBR is positive given we remain with some restrictions. The economy is expected to return to pre-COVID levels by the end of next year, six months earlier than previously thought with growth of 4%, moving to 7% in 2022 and 1.8% in 2023.
“Generally, the budget was pumped full of incentives and packages that are allowing the economy to bounce back, keep people in their jobs and provide support for businesses into the autumn.
“For this region I was particularly pleased to see the investment into offshore wind farms and the announcement that the Humber will be one of the designated Free Ports, enabling a special economic zone to make it cheaper and easier to do business.
“The second half of 2021 is starting to look much more positive and this is welcome news for businesses, many of which have suffered extensively through lockdown.”
If you want any help or assistance in looking to future proof your business from a financial point of view, please talk to us. The team at Dutton Moore can guide you through what schemes and incentives are open for your business. Planning ahead and putting your financial affairs in order has never been more important.