A P Robinson & Co On The Budget 2008

Grimsby Chartered Accountants A P Robinson & Co's Andrew Robinson comments; "On balance Alister Darling delivered an expected cost neutral budget this year, which was over-shadowed by the heavy review of the success of schemes in previous years. But nonetheless, the budget did not greatly fluctuate from what was speculated."

"The changes to capital gains tax already proposed in the pre-budget report and subsequent consulation document will effect entrepreneurs and individuals who have significant assets. These individuals would be well advised to seek professional advice in respect of their own personal circumstances."

"Small and medium enterprises have been pledged funds through small firms loan guarantees which will increase by �60 million UK wide. The budget also detailed help to small and medium enterprises to win 30% of all private sector contracts which is positive for local economic growth."

"Inflation will rise before returning to its 2% target in 2009. Though Mr Darling was forced to admit that growth this year would be much slower, and inflation and borrowing higher."

Andrew Robinson further comments on the impact that the Budget will have on the commercial sector; "It is disappointing to see that the transport industry, which was heavily impacted upon last year, will be further hit due to the 2p increase in fuel duty in October."

"In general, buyers of new cars from next April will pay more in vehicle duty and from 2010 fuel tax will rise by 0.5p per litre for environmental measures. Cars emiting high rates of carbon emissions will also have to pay an increase in tax but there is a promise of no first year tax for greener cars. Businesses will also have to pay more for their energy, as the Climate Change Levy will increase in line with inflation."

The Grimsby Telegraph 13th March 2008