Written by: Claire Januszewski
Date: Wednesday 8th March, 2017
This was the first (and last) Spring Budget for Chancellor Philip Hammond following the announcement at last year’s Autumn Statement that the main budget will be moved to autumn from this year. With a warning that the Spring Budget will no longer be a "major fiscal event", most were not expecting any ground-breaking announcements. Despite this however there are some changes which will affect businesses up and down the country.
Hammond put business at the forefront of his speech, stating his desire to make Britain the ‘best place to start and grow a business.’ So what do the new measures mean for you and your company? Here are the key takeaways for business owners:
1. Those businesses losing small business rate relief will benefit from an additional cap. This ensures their rates will increase by no more than £50 a month.
2. Pubs will receive a £1,000 discount on their business rate bill. This will be given to all pubs with rateable value of less than £100,000 (90% of all pubs in the country.)
3. A £300m fund will be allocated to local councils in order to provide discretionary relief to those businesses most affected by the increase in business rates.
It is claimed that these measures amount to a total £435m package to help small businesses.
Claire is a copywriter working within the digital content team at Begbies Traynor. Her areas of expertise are business insolvency and all areas of personal finance. She has written for a variety of online and print publications, and her work has been published in a number of national newspapers, including the Daily Mail, the Daily Telegraph, and the Daily Express.
17th May 2017 As many as one in four SMEs throughout the UK are reliant to some extent on the services of ‘gig economy’ workers, according to new research on the subject.
11th May 2017 Small companies throughout the UK could be facing a “business support black hole” in the next decade if funding currently allocated to them from the European Union is not replaced after Brexit.
2nd May 2017 The number of company directors who have been banned from leading or forming businesses for five years or longer reached a six-year high during 2015/16, according to the latest figures on the subject.
27th April 2017 A major creditor to Bolton Wanderers has issued a winding up petition against the football club in relation to a £5 million loan given to the organisation last year.
26th April 2017 HM Revenue & Customs (HMRC) officers have raided the offices of two of England’s largest and best known football clubs over issues relating to suspected income tax and national insurance (NI) fraud.
Every day we help companies just like yours turn things around against seemingly impossible odds, regardless of your situation we can help. Find your nearest office today.