The Government will invest £400 million into the British Business Bank to help support the growth which is good news for both startup and ensuring that many of our established XF businesses could get further assistance in scaling up their business.
Vin Murria, X-Forces Director said:
“Whilst the Autumn Statement has arrived at a point where individuals and businesses alike are unsure of the future landscape, a very positive and welcome announcement in the statement is that small business growth is once again at the top of the agenda with a £400 million commitment to invest through venture capital funds with British Business Bank.”
Military and Emergency Services Communities
Great news for the wider military community as the chancellor has agreed that LIBOR fines which are collected from banks who break the rules will now be given to several armed forces and emergency service charities. This means more than 100 charities would see a share of the £102 million in banking fines over the next 4 years. Great to see these funds going to a worthy community!
Business Rates & Resources
The Government is set to increase the rural rate relief from April 2017 from 50 to 100%, which will result in a saving of up to £2900 a year. Great news for XF businesses in these locations, however, to be able to qualify the rural area must have a population less than 3,000.
Broadband improvements through the £400m Digital Investment fund will mean many of our new business will be able to benefit from new fibre networks over the next few years with the addition of 100% business relief rates.
Tim Sawyer, CEO of the Start Up Loans Company, said:
“The chancellor’s pledge to increase investment in digital infrastructure will be welcomed by the start-up community, and it’s encouraging to see an issue so high on the agenda for microbusinesses be addressed head on in today’s announcement. So many ventures are launched from home and the lack of access to hyper-fast broadband, especially in more rural areas, is a barrier to growth for many start-ups who need to be able to keep up with their larger peers in a highly competitive digitised economy.”
The government will also be introducing a 16.5% flat rate for VAT which is likely to impact businesses who use the flat rate scheme. Corporation tax has also been reduced to 17% which will also be beneficial for stimulating economic growth through business growth.
Additionally, the chancellor also set out plans to help support small business to comply with changes to the national minimum wages.
For an in-depth analysis of the Autumn Statement, our Affiliate Partners, Silver Levene have prepared this great guide: http://tinyurl.com/jxjm8t6
So to all our XF community please look at how some of these positive changes can help you now or in the future and if you would like to add to this article or need more information please contact firstname.lastname@example.org or call us on 0330 113 22 22.