Under the shadow of Brexit, Phillip Hammond revealed his Spring Statement this week. Whilst the general consensus was that it was a fairly mild one, intended to do as little as possible to shake things up before we exit the EU, there were several points of interest for small businesses and the self-employed. Here’s what you need to know:
- In acknowledging climate change, the Chancellor pledged to help small businesses lower their energy bills and cut their carbon emissions
- The Chancellor recognised the difficulty the Apprenticeship Levy places on small businesses wanting to take on an apprentice and promised £80 million to help get three million new apprenticeships started by 2020
- Big businesses will be required to release details of their payment practices in annual reports in a bid to tackle the cost of late payments for SMEs
- With the objective of ending low pay in the UK and delivering “sustainable pay rises for millions of British workers”, the National Minimum Wage will rise to £8.21 from April
- A new £3 billion affordable homes guarantee scheme was also announced to support the delivery of around 30,000 homes
- And finally, there will be a full, three-year spending review before the summer if a Brexit deal is agreed
If you have any questions, please contact us on 01794 525500.