In news this week, we take a look at the effects of the Autumn Statement on UK SMEs, and new government figures which suggest that record numbers of businesses are starting up.
Read below for our pick of the top stories this week.
Feature of the week
Autumn Statement: SMEs kept exempt from business rates | Thisismoney.co.uk
George Osborne has pledged an extension to the Small Business Rate Relief Scheme, which will help over half a million small and medium-sized businesses.
The tax break means companies with property worth less than £6,000 are exempt from business rates, with a reduced rate payable for those with property worth less than £12,000.
As well as this, it is predicted that 3 million apprenticeships will be created by 2020. These will incur a levy charged to big businesses to pay for them.
Business confidence hits 2 year low | SME Insider
According to a recent survey which polls the UK’s small and mid-cap quotes businesses, the global economic landscape is having an adverse effect on SMEs, causing them to either downsize on levels of staff or close down completely.
Confidence levels in the UK economy have fallen to their lowest since 2012.
Start-ups being created are at a record high | Smallbusiness.co.uk
The highest number of business start-ups have been verified since records began in 2000.
The figures have been rising year on year since 2010, however last year saw a 4% increase which created 351,000 new businesses in 2014 alone, bringing the total number of active businesses to 2.6 million.
The figures seem to suggest that the UK has entered a new age of entrepreneurship, possibly encouraged by successive waves of redundancies during the downturn which have forced people to adapt.
SMEs encouraged to get involved with Small Business Saturday | Startups.co.uk
With less than two weeks to go until the third annual campaign to promote the UK’s small businesses, entrepreneurs are being encouraged to get involved with events such as workshops and local MP visits.
Small Business Saturday UK is a grassroots, non-commercial campaign, which highlights small business success and encourages consumers to ‘shop local’.
Over half of SMEs have plans to enter new markets | Smallbusiness.co.uk
Well over half of UK SMEs plan to enter new markets in the next 2 years, it has been revealed. A report designed to shed light on the factors that create and impede growth among SMEs showed that medium-sized companies are more likely to be looking into expanding into new markets than small businesses.