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Autumn Statement 2014 - What does it mean for your business?

MarketInvoice
MarketInvoice

With the election fast approaching in May 2015 the Autumn Statement, usually regarded as secondary to the budget took centre stage today as a surge of publicity greater than usual surrounded the pre-election announcements.

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Autumn Statement 2014 What does it mean for you and your growing business?
UK has the fastest growing economy in the G7
UK economy is growing 2.5 x faster than Germany And 7x faster than France
Growth forecast We beat the budget predictions with 3% growth forecast (Up from 2.7% in March)
Growth and Investment under the current government
For your business Working towards goal of unlocking 贈10bn finance by 2018 贈900m additional boost for small business support pledged
贈500m for startups and small businesses through the Enterprise Finance Guarantee scheme. A government backed venture capital fund who invest in small but fast growing businesses.
贈400m Injection for the state backed British Business Bank to support small businesses in their quest for funding and access to credit. Specific encouragement towards peer-to-peer lending
Funding for Lending extended by a further year, focusing specifically on helping smaller businesses
On business rates
Help for the high street A full review of the structure of business rates has been demanded
UKs business rates are the highest in Europe and its killing our high street.
x2 Small Business Rate Relief will double for another year.
Business Rate Relief If you own a small business which has a rateable value of below 贈18,000 a year (or less than 贈25,500 in Greater London) you could claim up to half of your business rates back. Youll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of 贈6,000 or less. That means you wont pay business rates on properties with a rateable value of 贈6,000 or less.
Help for the 50% high street Last years 贈1,000 discount on rates for shops, pubs and cafes has been increased 50% to offer 贈1,500 next year
On business export
Support for export 贈45m Package of support pledged to help businesses with exporting into new markets
Britain is the most entrepreneurial economy in Europe but a slow down in export has occurred due to recession in Japan and Europe our major markets Support for expansion into new export market hotspots in Africa and Asia
On tax breaks
Additional creative tax breaks tax breaks have ushered a golden age for Britains creative industries
New extension of theatre tax break to include orchestras and a new childrens television credit should save a treasured production sector in decline.
The Research & Development tax credit for small and medium companies increases to 230%. Meaning businesses can get even more of their profitable or pre revenue development costs back in cash every year.
On employment
500,000 new jobs have been created in the past year 85% new jobs created are full time
Employer obligation to pay National Insurance for young apprentices has been scrapped
The number of people receiving unemployment benefit fell by 23% The gender pay gap is the lowest that it has ever been in UK history
On science
In 2010 the UK was ranked 14th in the Global Innovation Index now we are 2nd
Scientific advance is a human endeavour worthy of support in its own right. It is also crucial to our economic future Next step: Allocate 贈6bn for research facilities in our scientific businesses and community
As of December 3rd Britain was awarded the lead role in the next international effort to explore planet Mars!
On investment in the north
Northern Powerhouse Embrace the challenge of creating a more balanced national economy with much of the new science investment and investment pledges in most sectors in the North.
The great cities of the North will complement our capital city driven by billions of 贈s of investment committed to science, transport and new civic power in the northern towns and cities.
On infrastructure
Improving productivity for all businesses also demands a major investment in our nations infrastructure
Global Investment National Infrastructure Plan Is now helping the UK to attract more investment from around the world than any other European country.
Read more advice for growing businesses on our blog.

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Autumn Statement 2014 - What does it mean for your business?

  • 1. Autumn Statement 2014 What does it mean for you and your growing business?
  • 2. UK has the fastest growing economy in the G7
  • 3. UK economy is growing 2.5 x faster than Germany And 7x faster than France
  • 4. Growth forecast We beat the budget predictions with 3% growth forecast (Up from 2.7% in March)
  • 5. Growth and Investment under the current government
  • 6. For your business Working towards goal of unlocking 贈10bn finance by 2018 贈900m additional boost for small business support pledged
  • 7. 贈500m for startups and small businesses through the Enterprise Finance Guarantee scheme. A government backed venture capital fund who invest in small but fast growing businesses.
  • 8. 贈400m Injection for the state backed British Business Bank to support small businesses in their quest for funding and access to credit. Specific encouragement towards peer-to-peer lending
  • 9. Funding for Lending extended by a further year, focusing specifically on helping smaller businesses
  • 11. Help for the high street A full review of the structure of business rates has been demanded
  • 12. UKs business rates are the highest in Europe and its killing our high street.
  • 13. x2 Small Business Rate Relief will double for another year.
  • 14. Business Rate Relief If you own a small business which has a rateable value of below 贈18,000 a year (or less than 贈25,500 in Greater London) you could claim up to half of your business rates back. Youll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of 贈6,000 or less. That means you wont pay business rates on properties with a rateable value of 贈6,000 or less.
  • 15. Help for the 50% high street Last years 贈1,000 discount on rates for shops, pubs and cafes has been increased 50% to offer 贈1,500 next year
  • 17. Support for export 贈45m Package of support pledged to help businesses with exporting into new markets
  • 18. Britain is the most entrepreneurial economy in Europe but a slow down in export has occurred due to recession in Japan and Europe our major markets Support for expansion into new export market hotspots in Africa and Asia
  • 20. Additional creative tax breaks tax breaks have ushered a golden age for Britains creative industries
  • 21. New extension of theatre tax break to include orchestras and a new childrens television credit should save a treasured production sector in decline.
  • 22. The Research & Development tax credit for small and medium companies increases to 230%. Meaning businesses can get even more of their profitable or pre revenue development costs back in cash every year.
  • 24. 500,000 new jobs have been created in the past year 85% new jobs created are full time
  • 25. Employer obligation to pay National Insurance for young apprentices has been scrapped
  • 26. The number of people receiving unemployment benefit fell by 23% The gender pay gap is the lowest that it has ever been in UK history
  • 28. In 2010 the UK was ranked 14th in the Global Innovation Index now we are 2nd
  • 29. Scientific advance is a human endeavour worthy of support in its own right. It is also crucial to our economic future Next step: Allocate 贈6bn for research facilities in our scientific businesses and community
  • 30. As of December 3rd Britain was awarded the lead role in the next international effort to explore planet Mars!
  • 31. On investment in the north
  • 32. Northern Powerhouse Embrace the challenge of creating a more balanced national economy with much of the new science investment and investment pledges in most sectors in the North.
  • 33. The great cities of the North will complement our capital city driven by billions of 贈s of investment committed to science, transport and new civic power in the northern towns and cities.
  • 35. Improving productivity for all businesses also demands a major investment in our nations infrastructure
  • 36. Global Investment National Infrastructure Plan Is now helping the UK to attract more investment from around the world than any other European country.
  • 37. Read more advice for growing businesses on our blog.