The changes announced for business rates and increased reliefs for R&D will be welcome news for businesses, however the Autumn Budget will probably not have a major impact on those currently feeling the effects of Brexit uncertainty and inflationary pressures.
The much-speculated lowering of the VAT threshold did not happen, which is good news for small businesses who are not required to meet the administrative burdens of VAT registration.
The Enterprise Investment Scheme (EIS) annual allowance was boosted for people investing in knowledge-intensive companies, which will be doubled, as will the annual investment those companies can receive through EIS and the Venture Capital Trust Scheme. So, if you are operating an innovative or technology based company, this could be a potential route for raising growth finance.
Apart from the measures outlined above, there were some frustrations from the business sector that there was no increase in the allowances for businesses investment in plant and machinery such as the Annual Investment Allowance.
Overall, the Autumn Budget was fairly unspectacular, and we await to see the impact it has on supporting productivity and the economy.
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