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A new initiative launched by the UK government aims to give the unemployed a chance to start their own SME. Iain Duncan Smith, the Secretary of Works and Pensions announced that the scheme launched by the coalition government would give £2,000 to each unemployed individual who was eligible to start up a business.

Duncan Smith told the members at the Conservative Party annual conference that the aim was to have 10,000 new SMEs by next year. To be eligible for the new scheme, a person will have been unemployed for a minimum of six months. In return they will receive a financial package and mentoring to help them start their business. This is an incentive to help people to want to come off benefits and get back into the world of work again.

Along with other incentives for SMEs such as the National Insurance holiday for up to £5,000 for each of the first ten employees, this could be a successful initiative. For many people who decide to take advantage of the scheme, it would be prudent to consult a small business accountancy firm to obtain some advice before launching their business.

As there have been many legislative changes since the coalition government came to power, low cost accountants would be able to provide advice, as well as prepare accounts in order to complete a self assessment tax return. The £2000 is a generous incentive for a person who has been unemployed for more than six months, but a reputable accountant would be able to maximise business income.

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