British Baker fine-combs the Autumn Statement to ensure you are informed of the plans which could impact on your bakery.
• The government is making it cheaper for employers to take on an apprentice by abolishing employer National Insurance contributions for apprentices aged under 25 on earnings up to the upper earnings limit.
• A 25% tax on profits generated by multinationals that are shifted out of the UK is introduced. This is set to raise £1bn over five years
• Business rates: small business relief extension
• Business rates: cap increase at 2% in 2015-16
• Business rates: increase retail discount to £1,500 in 2015-16
• R&D tax relief: increase large firms and small and medium-sized businesses’ (SME) credit
• Expand tax relief on business investment in flood defences
The general state of the economy
• 500,000 new jobs created this year. 85% of new jobs full-time
• Unemployment set to fall to 5.4% in 2015
• Inflation predicted to be 1.5% in 2014, falling to 1.2% in 2015
For more information on the statement, click here