What small businesses need to know about the Budget

The new Budget has offered a glimmer of hope for Britain’s small businesses! If you are a small business owner, then you should have been paying close attention as this could benefit your SME massively. The Treasury has attempted to offer small businesses some respite ahead of Brexit, as well as a number of announcements on everything from personal tax allowance to business rates.

The Chancellor announced in his budget 2018 speech, saying it would be “a Budget for hardworking families, the drivers, the grafters, and the carers who are the backbone of our economy”

Autumn Budget 2018 summary for small businesses:

There are some major points that small businesses should be well aware of due to the new Budget set in place.

Things SME owners should be aware of are:

  • That the personal tax allowance will be raised to £12,500 for basic taxpayers and £50,000 for higher rate taxpayers in 2019

  • Business rate bills for businesses with a reliable value of £51,000 or less will be cut by a third over two years

  • £675 million will be put towards a Future High Streets Fund

Small business rates

It has been noted that business rates will be cut by a third for all retailers in England with a rateable value of £51,000 or less. Philip Hammond claims this would save up to £8,000 a year for up to 90% of all independent shops, pubs, restaurants and cafes.

High street funds

If you have a brick and mortar business or shop, the Chancellor’s proposed Future High Street Funds may be of interest and also beneficial to you! Within the Budget, it was announced that £675 million worth of co-funding was available for local councils to plan the future of their high streets. This could include converting commercial premises into residential ones – which could inevitably increase footfall.

The digital services tax

The new digital services tax has had a lot of retailers concerned about their current position. However, the tax that has been announced will only apply to businesses that generate millions. Although it currently remains uncertain whether this will have an impact on businesses that sell through sites like Amazon and Ebay.

Is your SME business insured?

Here at Todd & Cue, we have a number of SME insurance policies to suit your businesses needs. We specialise in a large number of different industries from public house insurance, restaurant insurance and hotel insurance to commercial business insurance, motor fleet insurance and private medical insurance. Contact us to see how you can benefit from having Todd and Cue as your independent insurance broker and risk management partner.

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