Help at hand for SMEs in Autumn Statement

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Small and medium enterprises (SMEs) are set to benefit from today’s (December 5th) Autumn Statement.

Chancellor George Osborne revealed that several measures hoping to make an impact on firms’ fortunes would focus around business rates.

One initiative grabbing many headlines is the introduction of a £1,000 discount for retailers struggling to make ends meet on the high street. Firms will also be able to pay their bill across 12 months as opposed to one lump sum, in the hope that this will ease their cashflow burden.

The government also announced plans to cap the level at which business rates can increase at two per cent – news likely to be well-received considering that they were due to go up by 3.2 per cent in April. This move alone is expected to cost the Treasury about £300 million over the next year.

What are your thoughts on today’s Autumn Statement? Will it make a difference to you?

Posted by the Secret Businessman