There was a lot covered when George Osborne recently revealed the budget for the coming year. But what does it all mean for your small business? Let’s take a look at a few of the relevant highlights:
Grants For Small Businesses to Take On Apprentices
“To make sure we give young people the skills they need to get good jobs in this modern world, we’ve doubled the number of apprenticeships and I will extend the grants for smaller businesses to support over 100,000 more.”
That hopefully means getting trainees who are young, enthusiastic and keen to learn – clear benefits to your business. Taking on new employees means you’ll probably need to review your training programme and small business insurance cover, as well.
An Increase in Research Tax Credits
“I’m raising the rate of the R&D tax credit for loss-making small businesses from 11% to 14.5%.”
This will be especially useful to struggling technology start-ups. If your business’s research and development activities qualify, you’ll see an increase in the rate of cash credit payable to your company.
The government hopes that this change “will provide further incentives for small companies and start-ups to invest in R&D”.
A £7 Billion Package to Cut Businesses’ Energy Costs
“Above all, we are going to have a £7 billion package to cut energy bills for British manufacturers – with benefits for families and other businesses too.”
While this measure is specifically intended for businesses in the manufacturing sector, the reduced costs and rewards for energy efficiency could be helpful to small businesses, especially those in the Food and Drink sector.
Melanie Leech, Director General at the Food and Drink Federation, said: “These changes will provide welcome relief to businesses large and small throughout the UK’s largest manufacturing sector.”