TEDDINGTON, England, March 31, 2014 /PRNewswire/ --
Last week, all eyes were on the Chancellor of the Exchequer George Osborne as his plans for the Budget were announced, affecting all business and individuals across the UK. GoMotorTrade, a motor trade insurance website, has explored how the Budget 2014 impacts the motor trade industry, as well as businesses of all sizes.
Ben Moore, GoMotorTrade's Business Development Manager, says that one of the biggest changes motor traders will be affected by is that their bottom lines will increase as a result of the Budget 2014. Ben added, "Thanks to the annual 100% tax allowance for investment being doubled to £500,000, motor traders could soon benefit from investment tax breaks."
Another key announcement that could impact the motor trade industry as a whole is fuel duty being frozen. Ben says, "Most people would have hoped for fuel duty to have been reduced, although the fact that the Chancellor confirmed that there will be no rise in fuel duty will still be looked upon favourably."
Both motor traders and the public will be pleased to know that the government is also planning on giving local councils £200 million to fix the potholes in their constituencies. Ben says, "Because of the severe weather we've had in the UK recently, our roads have been deteriorating at a rapid pace, which has led to a large percentage of vehicles being damaged and insurance premiums increasing."
It was also announced that from 6th April 2014 the national insurance employer allowance contribution of £2,000 will be instated for every business and charity. The Apprenticeship Grants for Employers Scheme, which provides employers with a grant for each apprentice they train, has also been extended to December 2015, making it more affordable for some motor traders to employ younger people. Ben says, "This should be able to support some dealers when it comes to growing their businesses, implementing expansion plans and reducing the overall cost of employment."
GoMotorTrade is a trading partner of QuoteSearcher Ltd, who are authorised and regulated by the FCA. Ben is GoMotorTrade's Business Development Manager and has been working in the insurance market for over 4 years.