The Autumn Statement 2014 - what does it mean for small businesses?

 

The Autumn Statement is an important report for any business, revealing the state of the nation’s finances and policies. However it can be tricky to sift through all the information and find what’s relevant to small businesses. We’ve done the hard work for you – here are the key points that startups need to know about the Autumn Statement.

    • UK is now the fastest-growing economy in the G7
    • Business investment has risen by 27%
    • The economy has grown by 8%, and the deficit halved
    • £45million investment will connect UK businesses to the growing economies of Asia, Africa, and South America
    • Inflation will be at 1.2% in 2015
    • OBR predicts growth of 3%, up from the prediction of 2.7% in March
    • The Funding for Lending scheme will continue, focussed exclusively on smaller firms
    • Over 500,000 jobs created in the last year – some by the businesses we’ve funded!
    • Small business rate relief will be doubled for another year, and business rates will be reviewed
    • Research and development tax credit increased for small and medium-sized firms
    • More investment in infrastructure, culture, and business in the north of England
    • National Insurance contributions won’t have to be made for employees under 21 and young people doing apprenticeships
    • Personal tax allowance will rise to £10,600
    • More tax relief on business investment in flood defences