Chancellor George Osborne has today delivered the Autumn Statement in which he has outlined promising changes for the small business world.
As predicted earlier this week, Osborne confirmed that there will be a two per cent cap on business rate rises as the Government acknowledges that the current rates are placing a huge burden upon businesses. Businesses will also now be allowed to pay their rates in 12 monthly instalments while a proposed reform of business rates has been put on the agenda in 2017.
The current rate relief scheme has also been extended to April 2015, with the promises made to give 360,000 businesses 100% relief from rates and 180,000 to have a substantial discount on their rates, in an effort to encourage employee ownership and the development of social enterprise.
The Chancellor has also promised to help another 50,000 people to be able to start and build up their own business with an expansion of the current Start Up Loans scheme.
Governmental support for the traditional high street and Small Business Saturday this weekend was reinforced as rate cuts were announced for businesses moving into empty premises on the high street. Over the next two years, every retail premise with a rateable value of up to £50,000 will receive £1000 discount off their bills.
Overall, the Autumn Statement has been widely well received as it shows that the Government are looking to support British businesses and are trying to implement measures to help them continue to improve in 2014!