Key benefits for small businesses from the #Budget2018

Key benefits for small businesses from the #Budget2018:

• Start Up Loans scheme extended till 2021 so we can support even more entrepreneurs with start up funding
• New Enterprise Allowance rates protected reducing small business NI contributions by £3,000 encouraging small businesses to take on more staff.
• Reduced Apprenticeship employer training contribution to 5% to encourage more small businesses to offer apprenticeships
• VAT threshold frozen at £85,000
• Business rates reduced by 1/3 for High Street retailers with a rateable value of less than £51,000
• Funds committed to modernising the High Street
• Additional funds committed to exporting
• Banks and technology companies to partner to support small business productivity through a Small Business Leadership programme, investment in Knowledge Transfer Partnerships and greater investment for peer-to-peer networking
• Fuel duty frozen
• Annual investment allowance increased from £200,000 to £1million for 2 years
• Entrepreneurs’ relief protected but minimal qualifying period extended to 24 months

I am pleased to see positive measures in support of Enterprise in the Chancellor’s autumn Budget. We have long believed that business is a force for good, for individuals, their families and society as a whole; not least through the amazing contribution small businesses make to the economy. Small businesses account for 99.3% of all private sector businesses and 99.9% of these are SME’s with SME’s accounting for at least 99.5% of the businesses in every main sector (FSB).

The commitment to extend the funding of start-up loans to 2021 is extremely welcome. To-date XFE has provided access to over £12.5 million of seed funding to 1280 start-up businesses through the British Business Bank Start-up loan scheme, with a success rate of over 90% for this micro-finance funding.

As Mike Cherry, FSB Chairman stated:

“It’s good to see that the New Enterprise Allowance programme will be continued. This initiative has helped more than 100,000 unemployed people start firms. It’s exactly the kind of programme that a pro-business government should unequivocally support. As is the Start-Up Loans company, so it’s good to see the Government extending funding for this crucial part of the British Business Bank.’

The success rate of our beneficiaries is testament to XFE’s model of training, coaching and ongoing support provided to our entrepreneurs. The government’s commitment towards training for the self-employed has therefore been very welcome. Furthermore XFE are committed to being at the forefront of collaboration and partnership between government and key stakeholders to use our collective resources and capability to drive change for the good of the enterprise community.

This is why my role as volunteer Armed Forces Champion with FSB is so important to me. FSB have long led the way in successfully championing the needs of the small business community and have clearly been a powerful influence behind this budget also. As Mike Cherry, FSB Chairman said:

‘This is the most small-business-friendly budget that this Chancellor has delivered. He has listened to our requests across many areas of tax and public policy, putting him firmly on the side of Britain’s small businesses.’

I am firmly looking forward to seeing our small businesses benefit from these changes and will be working closely with FSB to pay particularly attention to how these changes will affect the Armed Forces community and what else needs to be done.