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What does the Autumn statement mean for SMEs?

Autumn Statement 728x200

Prior to George Osborne's unveiling of the Autumn Statement, there was cause for concern for small and medium sized businesses. So what does the statement mean for SMEs? Keep reading for our bite-size version of the statement.

Small business rate relief scheme has been extended

The small business rate relief scheme has been extended until the end of March 2017, despite fears that the scheme would be abandoned altogether.

If your company has no more than one property with a ratable value of less than £12,000, your business will recieve up to 100% rate relief. This is excellent news for those businesses eligible, who could have been looking at costs of nearly £10,000 should the scheme have ended.

No apprenticeship levy for SMEs

The government will not expect SMEs to set aside 0.5% of their total wage bill to training young workers. If your business is paying less than £3m in wages overall, the apprenticeship levy will not apply to you.

The apprenticeship levy is designed to make apprenticeships more readily available for those leaving education, and to ensure that the apprenticeships offered are of a high standard.

Start up loans

Wednesday's statement pledged a further £400m to Enterprise Capital Funds, a government-backed venture which invests in SMEs. The Funding for Lending scheme, which extends lending to firms will also be continued for another year.

The Northern Powerhouse

Osborne is still pushing his Northern Powerhouse plans, the aim of which is to boost economic growth in the North, and address the economic divide between the North and South of the country.

Regrettably, this still seems to place emphasis on areas around Greater Manchester and the North West. However, a £400m Northern Powerhouse Investment Fund has been established in order to invest in small businesses.

Enterprise Zones 

As part of the spending review, the government has announced that 26 new Enterprise Zones will be established. Businesses will be encouraged to locate within one of these zones through business rate discount or enhanced capital allowances.

Nineteen of the Enterprise Zones are within the Northern Powerhouse, two of which are in the North East, 'NE Round 2' and 'Tees Valley Unlimited'.

The full spending review and autumn statement for 2015 can be found here:

The Transcendit Way

Transcendit understand that when you choose to work with us, whether we're taking care of your IT, app or web development, you're trusting us with part of your business. So whether we're looking after your computers, phone systems or servers we always do things 'the Transcendit way'.

The whole of our team adhere to the same values, beliefs and policies - the principles that were written when Transcendit first formed in 2000. Whether you come to us for cloud services or recovery backup you can be confident that you'll always receive the same excellent service.

The Transcendit way outlines how we do business; following the same straightforward principles with every client and customer, regardless of how big or small they may be.

That means we get to know you and your business. We offer you a friendly, professional and efficient service, and we'll always be honest with you.
We understand that not everybody speaks fluent IT, so we try to explain things in a way that is simple and clear. We always spend as much time as is necessary explaining things to you.
If you need to talk to us about something, no matter how insignificant, we are only ever a phone call away – and we’re never too busy to make you a cup of tea and have a sit down with you in person.
We understand how frustrating it can be when things are late. When we schedule an appointment with you, we are there when you’re expecting us. If something prevents us from getting there, we always call you in advance to let you know.
Sometimes things can go wrong, but we never lie to you or try to cover something up. If things go askew we tell you what’s happened and how we plan to prevent it affecting your business.
We want you to continuously benefit from working with us. We regularly discuss your business and make suggestions for improving systems and processes wherever we can – but we never try to push you into a purchase.
When we quote a fixed price, that's always the amount we charge – you won’t find any nasty surprises on a bill from us. If you are paying by time and materials, we inform you if our approximations could change.
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