24th November, 2016 No Comments
The short answer is ‘not a lot’, despite Mr Hammond stating “My priority as Chancellor is to ensure Britain remains the number one destination for business.”
Yesterday, Chancellor Philip Hammond brought us the last Autumn Statement for the foreseeable future as plans were announced for the spring Budget to be downgraded to the ‘Spring Statement’ and the main Budget to be delivered in the Autumn.
He outlined plans to increase spending on roads and transport links including the Oxford-Cambridge expressway and a major road scheme in the North, and extra funding to improve rail signaling. But although transportation for businesses may be improved, with the rise in the Insurance Premium Tax from 10% to 12%, additional costs are set to come out of the pockets vehicle owners.
In line with George Osborne’s previous budget commitment, Corporation Tax will fall to 17% by 2020. This is the lowest rate of all the G20 countries but not as low as Donald Trump’s promised to reduction of corporation tax in America to 15%. Speaking of “understandable public concern that the pitch is tilted in favour of multinational groups”, Mr Hammond said he would limit tax relief on corporate interest and the treatment of previous tax losses.
The most notable commitment is for a £23bn new national productivity investment fund to be spent over the next five years, increasing by £2bn a year by 2020/21. The fund is designed to bolster research and innovation.
Additionally, in the hope that takeovers of British tech start-ups by foreign buyers will be reduced, export finance is to be doubled and £400m will be injected into venture capital firms via the British Business Bank.
Small businesses in rural areas will receive tax reliefs up to £2,900
There will be a crackdown on employers offering ‘workplace salary sacrifice schemes’ (where workers receive untaxed benefits such as ultra-low emission cars instead of pay), whilst the National Living Wage will be increased from April 2017, and personal tax allowance increased to £11,500. The self-employed will see a clampdown on so-called ‘disguised earnings’.
“This was always going to be a difficult statement from the new Chancellor given the uncertainties posed by Brexit.” said Kevin Horne, Chairman, Cavendish Enterprise. “No doubt we can expect more in the next budget when sufficient time has elapsed for a considered approach to the needs of the country outside the EU.
“For small businesses there was not much to cheer but also not much to jeer either. For now it is “steady as she goes” but there is a massive opportunity for radical reform in leaving the EU and whilst it would involve short term sacrifice the long term prize could be great. Flat rate taxes, abolishing reliefs, simplifying regulation and really slashing bureaucracy will prepare us well for what the future holds – unfortunately few politicians have a long term approach caring more about re-election rather than strategy.”
Summarised by Davina Young , Marketing Manager, Cavendish Enterprise
9th November, 2016 No Comments
Firstly, a huge ‘thank you’ to all our business support programme clients who kindly took the time to complete our recent ‘Starting a Business’ survey. We are pleased to announce that the winner of the iPod in the prize draw is Laura Sehjal.
Laura started her business 3 years ago and confidently responded to the ‘Starting a Business’ survey having been through the process herself.
Principal and founder of Hatch Drama in Ashford, Kent, Laura clearly remembers taking part in her first drama class at the tender age of five – the effects of which are still propelling her forward today. Laura’s drive comes from a desire to ensure that she recreates the same experience of magic, safety and growth for every child she works with.
With an MA and a First Class Honours Degree in Theatre, Laura started teaching drama over 12 years ago. Loving all aspects of theatre, she has written, directed and performed shows across London. Laura has also worked in a variety of educational settings and has come to understand the importance of a rounded education; one that school alone cannot always deliver. The project aims to boost the confidence and self-esteem of young children through role play, drama and acting scenarios, scripts and dramatic productions.
Unlike some of the larger performing arts franchises, Hatch Drama write their own curriculum according to the individuals in each class. This gives the tutors the freedom to create a bespoke, expert programme that ensures every child benefits according to his or her needs.
‘Ready for Business’, the support programme which was the forerunner to Start & Grow, helped Laura to launch Hatch Drama. Laura’s business support was through Enterprise First – Cavendish Enterprise’s partner organisation delivering business support across the South East of England. Laura attended a one day workshop followed by some 1-to-1 sessions to consolidate the learning and finalise her business plan. After the business opened, Laura received additional 1-to1 support sessions to and an hour spent with a local accountant taught Laura how to manage her books.
“The support at the time was amazing” says Laura. “Starting a business involved more skills and motivation than I had originally perceived, the support offered through Ready for Business gave me confidence and kept me on track.
“The 1-to-1 meetings made me accountable to someone and gave me great short term goals to aim for. The skills I learnt at their workshop and with the accountant have proved invaluable. I still use the things I learnt three years into my business.”
Find out more about Hatch Drama performing arts classes in Ashford, Hastings, and Rye.