In small business news this month, we’re ramping up to the Autumn Statement and the changes it could bring for the UK’s budget, which much speculation over what this year holds in store. Furthermore, new retail reports are suggesting thriftier spending habits as of recent months while the government is helping certain businesses get better access to tax relief.
Read on to find out the top recent stories and headlines for small and medium businesses.
Feature of the Week
A new two-year plan to assist small businesses investing in research and development has been launched this week.
The government plan was officially launched by the Financial Secretary on Wednesday, and is set to outline ways in which the government can make it easier for small businesses to apply for and claim tax relief. The tax relief is aiming to encourage companies to invest in otherwise expensive product developments; helping reduce the amount of corporation tax SMEs pay on any profits.
For the full lowdown, read the official news release on the government website above.
Global economic downturn fears prompt high street gloom | The Guardian
October was less successful than expected for retailers, with sales losing momentum over recent weeks.
A barometer of consumer mood marked October as a new low next to the previous four months, while some say that “worries about a global downturn” have knocked consumer confidence. Read this report from The Guardian for the full scoop.
Autumn Statement 2015: Rumours, predictions & leaks | The Telegraph
The Autumn Statement is now just weeks away and there’s already much anticipation for what Chancellor George Osborne will reveal for the year ahead.
Supposed leaks of information include suspicions of tax credit cuts, moves towards more local decision making (as opposed to a focus on Westminister) and spending plans to achieve a budget surplus. Find out more about the rumoured details by clicking above.
Following the topical issue of cyber hacking and information protection, a cyber security firm is urging small businesses to up their defences.
A spokesperson for SBRC, the body responsible for cyber security in Scotland, has highlighted a belief that online hacking is only a serious threat for large corporations. Conversely, small businesses are likely to be the least protected and therefore vulnerable.
After the announcement that there is soon to be a compulsory higher living wage for the majority of workers, this opinion piece discusses whether it is fair to expect small businesses to meet these obligations when they are less likely to be able to absorb the costs in the way the profitable large businesses can.
The change is set to happen April 2016. Read this piece to find out the opposing views on the matter.