What Does the Autumn Statement Mean for Your Business?
Last month’s autumn statement introduced a number of major policy changes that were designed to support the UK’s small and medium size enterprise community in the face of a global recession and soaring utility costs. In our previous assessments of the Autumn Statement we have assessed both the energy cost and tax implications for the wider UK population which includes nearly five million hard pressed self-employed and SME owners in the UK.
In this article we will assess the latest ramifications of the Autumn Statement on the UK’s SME community.
UK Business Weathers the Storm
Running a business is rarely easy and SME’s as well as millions of self-employed and freelancers face harsher market conditions than they did prior to the pandemic. Coupled with post Brexit confusion, the ongoing war in Ukraine as well as disproportionate rise in energy and utility costs, millions of UK business owners are feeling the pinch.
Here are a few key takeaways from the Autumn Statement to note:
- The statement announced a support package worth some £13.6bn over the next five years to help UK businesses with the business rates and will take the form of rate freezes and reliefs
- The planned online sales tax has been scrapped
- Import taxes will be removed on more than one hundred goods, including some food products, for two years to reduce costs for UK consumers
- Dividend thresholds will be reduced from £2000 to £1000 in April 2023 and will be reduced to £500 the following year
- The UK Government’s Chief Scientific Adviser Sir Patrick Vallance will lead a review into how post-Brexit regulation can support emerging technologies and wider business
Fintuity – Your Financial Partner in a Time of Crisis
Information is key to overcoming a crisis and Fintuity can assist you in a number of ways by helping you plan for your financial future.
As the cost-of-living crisis continues to increase, we can assist you in a number of ways including a cutting-edge Virtual Adviser, a library of up-to-date financial advice, a complimentary IFA meeting as well as a searchable blog with hundreds of articles and a complimentary financial health check to allow you to maximise your finances. The Fintuity team can help supporting you with advice on:
- Mortgages
- Pensions
- Investments
- Protections
- General financial and budgeting advice
- Cost of living workshops
The best place to start however is with a financial health check to allow us to work out how best to help you. Knowledge is power – receive your complimentary financial report with our Virtual Adviser or Book your Initial Consultation today to speak to a member of our team.
Introducing Fintuity – The UK’s Digital IFA!
Fintuity is like a traditional IFA, only we are an online adviser which means we can offer a more cost effective, time-sensitive and flexible service! We offer the full range of IFA services via our digital platform, at below industry rates and at your convenience. Please do not hesitate to get in touch to see how we can help you.
For all enquiries please visit www.fintuity.com or contact Fintuity’s Communications Manager, Nic Cobb at nic.cobb@fintuity.com.
Please Note: All information included in this article were correct at the time of publishing
