How The Budget Can Help Small UK Businesses

In a previous blog, we indicated how highly anticipated the annual budget was, and the predictions that many industries had made. Well, the Chancellor of Exchequer finally grabbed the headlines to make an announcement on the forthcoming fiscal year’s spending allocations. Among the statements released was a positively welcomed implication concerning small business welfare.

The economy is growing, and it is no surprise that the British innovative community is congruently expanding too. Yes, this year has been predicted as the entrepreneur’s year of success, and as a company that helps numerous newly starting business owners with company registration, we at eformations give this expectation our full support. The announcements made in the budget that are set to contribute towards small business success will be the focal point of this blog.

Apprenticeship Expansion

In a bid to eliminate youth unemployment, Chancellor George Osborne announced that any small business recruiting employees below the age of 21 years will not pay any national insurance for such employees. In addition, the Chancellor also underlined that a scheme had been set up to financially support the recruitment of 100,000 apprentices across the manufacturing and service sectors.

Corporate Expenses

It has become apparent that many entrepreneurs are deterred from starting up their businesses due to the costs involved in setting up the company. Taxing fee and energy bills were the two main costs that saw business people suffer previously. However, with the government announcing measures such as the Carbon Price Floor, to offer business discounts, hopefully business costs will be reduced and there will be an increase in liquid cash for business purposes.

Tax Relief

The Chancellor announced his full support of the current Seed Enterprise Investment Scheme (SEIS), which encourages business investors to go ahead and offer financial backing to businesses. The SEIS allows all investors (who are heavily relied upon by businesspeople) to receive generous tax relief when making an investment of up to £100,000 into a newly started company. This attractive scheme will undoubtedly raise a substantial amount of money for entrepreneurs

These and many other measures that were recently announced by the Chancellor will certainly attract many business people into the available markets. However, it is true that the process of company formation can be very daunting and tedious. This is why companies like us at eformations are available to offer you the necessary support, and relieve you of the stress involved. Our services are available to anyone across the nation, so feel free to make an enquiry on 02082325479.