What You Need to Watch Out For Tomorrow

Chancellors Autumn Statement from Colour Accounting Image courtesy of altogetherfoolThe Chancellor’s Autumn Statement – What You Need to Watch Out For Tomorrow

In the Autumn Statement the Chancellor provides an update on government spending plans, and any planned changes in taxation legislation.

These plans are based on economic forecasts provided by the Office for Budget Responsibility, which are released as soon as the Chancellor finishes his speech. Changes in business rates, tax relief, small business loans and fuel costs, are all relevant to SMEs. Here’s what affected business owners in 2013, so watch out for any amendments or changes to this legislation. Business rates In England, business rate increases were capped at 2% rather than being linked to Retail Price Index inflation. Rates were also halved for retail businesses moving into empty premises. Employer costs From 2015, Employer National Insurance Contributions are to be scrapped for under-21s earning less than £42,285. It is estimated that this will affect around 1.5 million jobs, and significantly reduces the costs of employment. Export finance Support for British businesses involved in export was increased to £50billion. Fuel duty A big concern for many small businesses, petrol taxes often come under scrutiny in the Autumn Statement. In last year’s speech the fuel duty increase was cancelled for 2014, so this is an important point to look out for. Business loans The Start-Up Loans Scheme was extended to include a further 50,000 budding entrepreneurs. To understand how proposed changes might affect your business, click here to sign up for our Financial Literacy Training course Colour Accounting™. It’s interactive, jargon-free, and will have you up-to-speed in no time. [traininglist slug=”colour-accounting-normal”]  ]]>

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