The spring budget has produced a raft of giveaways for business and the new FSB National Chairman Mike Cherry said: “The Chancellor has thankfully unveiled a small business Budget. “The measures he’s put forward today – coupled with those unveiled by the Bank of England this morning – should go a long way to reinjecting optimism back into the small business community after years of uncertainty“
Here is a quick list of the key points for business :
- £3,000 cash grant per business for any firm that is currently eligible for the small business rates relief.
- Abolish business rates for retail, leisure and hospitality sectors with a rateable value below £51,000
- £130m will be released to boost the number of business startup loans
- £200m made available to invest in scale-ups, including more money to support the existence of growth hubs.
- 5bn fund created for new export loans for businesses, including appointing “dedicated trade envoys” from various regions of the UK to embassies around the world.
- Increasing R&D expenditure credit from 12% to 13%, which will equate to a tax cut worth £2,400 “on a typical R&D” claim,
- Businesses with fewer than 250 employees will be able to claim back the cost of providing statutory sick pay to employees affected by Coronavirus, including those advised to self-isolate, and those caring for others who self-isolate.
- Scaling up of HMRC’s “Time to Pay” service, including a new helpline so businesses and the self-employed can arrange to defer tax payments.
We are all seeing the effect this is having on countries, business, health services and individuals. Here is the UK companies are facing multiple new problems and already directors and business owners are facing issues of managing staff and how to manage communications during the outbreak.
With the current threat levels constantly changing making sure you have your employees and your business set up and knowing there is someone to call for help and advice will help you and your business.
Ibd has specialists in HR and Crisis management throughout England and Wales and we specialise in working with SME companies of all sizes. To find get in touch with a specialist call 01223 597845