Finance and accounting figures welcome entrepreneur relief

Leading finance and accounting figures have welcomed Treasury proposals to help entrepreneurs and small to medium-sized entities (SMEs) to grow their business.

On Wednesday, Chancellor Alistair Darling announced a raft of plans such as new business loans totalling £94 billion and a doubling of investment allowance on plant and machinery to £100,000 for entrepreneurs.

There are also reductions in business rates and these measures for SMEs were welcomed by many top finance and accounting figures.

Julian Dobbin, a tax partner at chartered accountants Mercer & Hole, told Accountancy Age that not only will boost business clients but financial advisers too.

He added: "There was a worry that the Chancellor would do something that stalled deals - now there's further incentive for them. It will drive deals going forward."

Furthermore, Vantis head of private client tax Chris Maddock told the magazine a number of advisers might be "kicking themselves" if they recommended to clients that they should sell their business, expecting a tough budget on capital gains tax.

Updated: 26 March 2010.
Categories: finance-and-accounting, market-and-industry-news.