What does the Government’s Autumn Statement hold for small businesses?

What does the Government’s Autumn Statement hold for small businesses? image

All eyes and ears from the small business community will be on Philip Hammond when he delivers the Government’s Autumn Statement. This will undoubtedly be the moment that he can reassure small businesses that the Brexit transition will be painless with a positive outcome for all.

The focus should be on cutting tax rates red tape for SME’s. There is a demand from so many organisations for the government to honour the initiatives and European funded projects post full Brexit.

The business community has been in a state of uncertainty since the UK voted to leave the EU. Since then the government has had a period of significant change, markets have been down then up again, shifts in rhetoric from various countries still within the EU and not to mention the new president elect Donald Trump due to take the White House with suggestions of jumping up the list on trade deals.

This has led to the UK business community feeling positive but again uncertain mainly due to the fact that we haven’t actually ‘left’ the EU yet. Brexit hasn’t happened yet and by the sounds of things the process could take a very long time.

The key points to look out for are the following:

• Reducing the TAX burden for small business
• Re-aligning the business TAX system for growth
• Help for the self employed
• Employment and government investment
• Further reduction of the Small Business Rate Relief
• Changes to basic TAX and VAT
• Business Friendly Policies that help entrepreneurs
• Possible increase for the annual investment allowance for SME’s

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