There's been a lot of change in the economy recently, and as a small business owner there’s been a great deal to juggle. It can be hard to keep up, so we want to help.
Here’s five key things that have changed this month, which can be useful to stay ahead of and best prepare your business.
1. Support for energy bills
The government has released more details about their interventions into the energy market. You will receive the discount automatically on energy bills from 1 October 2022 and 31 March 2023. There are some examples provided on the government webpage for businesses in different sectors and with various tariffs. There will be a review published in 3 months’ time, to explain what will happen after March 2023.
2. Small and medium company thresholds
In an effort to cut red tape for businesses, the thresholds for small and medium sized companies will be extended to 500 employees. This is likely to affect future reporting requirements and other regulations, but it does not change the Companies Act definitions which include when a statutory company audit is required, for example. But watch this space - could we see more changes soon?
3. Start-up loans expanded
The time limit restriction on the government’s start-up loan scheme has been extended for companies and those who have been trading for up to 3 years can now apply. Also, businesses trading for less than 5 years and which have already received a start-up loan, can now apply for a second loan. This is to reflect the lost trading time over the period of the pandemic.
4. Scottish landlords
The Scottish government has introduced legislation to prevent landlords evicting tenants until March 2023, along with a freeze on rent increases. This is an extension of some measures introduced during the pandemic and was fast-tracked through the Scottish scrutiny process and was passed on 6th October.
5. Medium Term Fiscal Plan
The new Chancellor has had an explosive start to his career with the mini-budget and he now moves onto his Medium Term Fiscal Plan, which will be published on 31st October. We are expecting ‘further growth measures’ then or even before, so more tax incentives may yet be announced, including something on VAT, Rates or capital taxes.
Get ahead and take action today.
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