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Small businesses crossed their fingers as George Osborne delivered The Autumn Statement last week. Some people were hoping for more immediate and drastic changes, but there are some plus points for the small business community.

A few points and areas that concerned small business.

* Business Rates will be capped to 2% from April next year; lower than the rate of inflation. Businesses will also be allowed to pay in yearly instalments.

* Tax incentives for those looking to invest in social enterprises.

* There will be tax benefits of up to £1,000 for smaller high street retailers; there has been mention of the scheme only being available to businesses who own property worth less than £50,000, but these have been unconfirmed as yet.

* Extension of the Start Up Loans scheme to help 50,000 new entrepreneurs, plus an increase in the New Enterprise Allowance.

* There are to be 20,000 Higher Apprenticeships available next year

* The proposed fuel duty rise for next year is cancelled.

 

Could there have been better changes; should there have been more help for small businesses?

 

 

 

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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