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How the 2015 Autumn Statement and Spending Review could affect your business

Nov 26, 2015

This week, Chancellor George Osborne delivered a joint Autumn Statement and Spending Review for 2015. Due to an unexpected upturn in economic forecasts, it contained fewer cuts to public spending than expected, but what measures will affect your business and how will they do so?

If your business is just getting started, you may be able to take advantage of the government’s target to facilitate 75,000 Start Up Loans by 2020 to help fund the growth of more start-ups across the country.

If you’re already growing your business, you may be pleased to discover that the Chancellor still intends to go ahead with the digital tax and tax returns processes for small businesses and the self-employed. In a bid to create “one of the most digitally advanced tax administrations in the world”, the government is investing £1.3bn to allow small businesses and the self-employed to record their tax affairs digitally and offer digital support to those that need it.

SMEs are set to benefit from the announcement that the British Business Bank will retain the £400m of additional funding for Enterprise Capital Funds announced in last year’s Autumn Statement. These are funds that combine private and public money to make equity investments in high growth businesses.

The business rate relief scheme has also been extended for another year. Osborne has extended the doubling of small business rate relief in England for another 12 months up until April 2017. The government is also believed to be reviewing current business rates, with an announcement expected in the 2016 Budget.

For those looking for the most advantageous location to do business, the government has announced that there will be 18 new Enterprise Zones and eight zones are to be extended. Enterprise Zones are areas in the UK designed to help new and existing businesses grow with benefits such as tax relief. A full list of zones is available here.

At UKplc Company Registrations, our commitment to helping you grow your business doesn’t end after we’ve assisted you to form your company. For example, we can provide a range of e-commerce web site options to take your business online and we can connect you with the growing number of e-marketplaces that we are setting up around the world.

We’ve also teamed up with a number of partners to bring you special deals on other helpful services. If you need expert advice on accounting matters, we’ve partnered with leading accountancy firm KPMG to offer you their Small Business Accounting Service.    

We have also partnered with the Federation of Small Businesses (FSB) to offer you a reduced rate on new memberships and business insurance experts Simply Business to give your business the protection it needs.   


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