GEORGE Osborne's Autumn Statement recognised the importance of small businesses to the UK's economy, said a leading Worcester accountant.

John Painter, managing partner of CB, Chartered Accountants in Wainwright Road welcomed measures announced in the Chancellor's spending review that are set to benefit SMEs and ensure their success, but fears for individuals buying a second home.

He said: "The Autumn Statement has shown the government sees the importance of SMEs for this country’s economy. By promoting competition for SME credit and encouraging more apprentices to start work, as well as extending the Small Business Rate Relief, the Chancellor has shown that he is committed to supporting the UK’s SMEs.

"However, the rise in stamp duty for buyers of buy-to-let properties and second homes will affect our clients and I would urge anyone that is unsure of their situation to obtain advice.”

Recognising the financial burdens faced by SMEs, Mr Osborne announced that the Small Business Rate Relief in England will be extended until April 2017. This means that around 405,000 of the smallest businesses will continue to receive 100 per cent relief from business rates, with a further 200,000 benefiting from tapering relief. In addition, SMEs should be able to access finance more easily following news that the government plans for Experian, Equifax and CreditSafe to receive SME credit information from designated banks and provide equal access to this information to all financial providers.

But a new stamp duty rate for people buying homes as buy-to-let properties and second homes will be 3% higher than normal stamp duty.