Autumn Statement

Autumn Statement: Seven things for your business to consider

Last week saw the release of the autumn statement, the latest update on how the government is spending its money and what effect it’s been having.

Amid the groaning and screeching noises of the House of Commons and the carefully selected financial statistics, it’s hard to pick the bones out of Philip Hammond’s first statement as Chancellor.  What does it mean to the various stakeholders in the UK?

We’re here to help businesses to be as efficient as possible, so we’ve done this for you.  Here’s GAS’ coverage especially for businesses.


WHAT DOES THE AUTUMN STATEMENT MEAN FOR BUSINESS?

The Chancellor’s focus was firmly on innovation and productivity, signalling a boost for investment and tax for innovative companies and a large chunk of money designed to address the UK’s poor productivity in comparison with its peers.

Start-ups encouraged to scale

A £400m fund has been put aside to encourage small businesses with the potential to grow to take the leap, rather than sell up to larger firms and cash in.

If you’re a SME with growth potential, the British Business Bank will be handling the cash.

Corporation Tax to fall

In a bid to attract more companies to do business in the UK, Corporation Tax will fall from 20% to 17% in 2020.   You’re keeping an extra 3% of your profit – surely a good thing?

Grants to support investment in British business

£400m has been set aside to supplement bids to invest in British businesses.  If a potential investor was on the fence, this fund is designed to help them make the plunge.  It applies on investments up to £1bn.

Research and Development companies get a boost

The official report says the government wants to “address the tax environment” for R&D companies using an additional £425m of funding to “make the UK an even more competitive place to do R&D”.

This news should spur you on if your company carried out R&D to ensure you’re receiving the maximum R&S tax relief possible.

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Paul JohnsonGroup Financial Director

Paul Johnson is very much a home-grown talent.

He joined Great Annual Savings Group in its infancy, fresh from a youth career as a professional footballer with Hartlepool United.  He quickly established a reputation within the business and aced all required accountancy qualifications in the space of four years to become the Group’s Management Accountant.

Several successful projects later, Paul was promoted to Head of Finance.  When the former FD left GAS, he took on the mantle of the business’ most senior finance professional; boasting a string of incredible achievements all under the age of 30.

Quote:

“I have witnessed phenomenal growth at the Group over the many years I’ve worked here and I’m looking forward to guiding the Group into an exciting new chapter.”

Interesting fact:

Paul made his professional debut for Hartlepool United against Bournemouth in the Football League.  Some say Danny Ings still resides in his pocket to this day.