From The Top

Autumn Statement 2015: A 500-word summary for owners of micro and small businesses

Hunter Ruthven | 25 November 2015 | 9 years ago

This is the first time Business Advice has reported on an Autumn Statement
This is the first time Business Advice has reported on an Autumn Statement
For those who are new to the impact an Autumn Statement or Budget address can have on their business, or are just looking for a quick summary to determine what has been said, Business Advice has pulled together chancellor George Osborne’s biggest small business announcements into a neat 500-word article.

Introduction of R&D loans for small businesses

Going forward, new finance products to support companies with R&D will come in the form of loans, replacing some existing grants from UK innovation agency Innovate UK.

The chancellor revealed that this move is about safeguarding the financial backing that is out there right now, and should each 165m per year by 2019-2020 maintaining the total Innovate UK support in cash terms.

Read more here.

Abolishment of uniform business rates

Local UK authorities will have significantly greater power to determine the cost of business rates. In place of the unpopular uniform rate, a new system will give locally-elected mayors the chance to set business rates depending on local economic conditions.

it’s expected that this will give councils control of an extra 13bn a year by 2020, and will mean 100 per cent of taxes are retained by local authorities to spend on public services.

Read more here.

Renewables obligation and Feed in tariffs

The government and George Osborne believe that changes to the Renewables Obligation and Feed in Tariffs scheme will save the average small business user 500 when it comes to energy bills in 2020-21.

Read more here.

Extending small business rate relief

A lengthening of the very popular small business rate relief will mean that 405, 000 companies operating from a single property will get a full exemption from rates next year. An additional 200, 000 will get a tapered discount.

Read more here.

Digital tax system plans

New digital tax accounts, first outlined earlier in the year, will be implemented providing a real-time view of tax affairs. The latest news was a 1.3bn investment into HMRC, with access to digital tax accounts for all small businesses by 2016-17.

By 2020, the government will require most businesses, self-employed and landlords to keep track of taxes digitally and update HMRC at least quarterly.

Read more here.

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