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The Budget 2015: A 500-word summary for entrepreneurs and business owners
3 min read
18 March 2015
For those of you who don't have the time to pore through story after story looking for what's important, we're providing a quick and succinct summary of chancellor George Osborne's final Budget speech before the general election.
New “Help to Grow” programme and changes to EIS, SEIS and VCTs
The subject of business finance was touched upon through the announcement of a British Business Bank-led initiative to provide loans of between £500,000 and £2m. Amendments will me made to SEIS, EIS and VCTs to ensure support is in line with new EU rules.
Annual Investment Allowance will not go back to £25,000
Despite many businesses wanting clarification on the subject of the AIA, Osborne refused to be drawn into declaring its long-term future. Currently standing at £500,000, he said a decision would be made during the Autumn Statement – not much peace of mind for those needing to make investments with long lead times.
Government doubles UKTI support for firms exporting to China
In part to help it hit a target of £1bn in UK exports by 2020, the government is giving more money to UKTI so it can better help British businesses wanting to export to China. A focus will be on advanced manufacturing, transport, financial services, healthcare and life sciences.
George Osborne scraps annual tax return for businesses
In one of his more surprising announcements, Osborne revealed an end to the January annual tax return for individuals and businesses – with a new digital version supposedly bringing greater flexibility and clarity.
£740m investment for cities of the future, Internet of Things and broadband
The government will invest £40m to develop Internet of Things technologies through large-scale demonstrator programmes, business incubator space and a research centre.
Unveiling of ”Northern Powerhouse” additional business rates
George Osborne said he was “ready to commit new money, new infrastructure, new transport and new science” to support the north, promising to invest £7bn in the region. He called an agreement with Greater Manchester on an elected mayor “the most exciting development in civic leadership” for a generation.
Biggest increase of apprenticeships confirmed and NI for under 21s abolished
In April the government will abolish National Insurance for employing under 21s.
A year later and it will abolish it for employing a young apprentice.The news of a wage increase for Britain’s apprentices will cement training programmes as a serious, credible career path for the next generation.
Sharing economy boosted with government usage and northern hubs
The Budget announced a package of measures to unlock the potential of the sharing economy and to help UK businesses to succeed domestically and to expand into new markets overseas.
Have a look at our other Budget 2015 content:
- UK Business leaders divided on contents of George Osborne’s speech
- Full transcript of George Osborne’s speech
- To see a continued recovery, the UK needs a turnaround in productivity
Were you happy with the contents of the Budget, or is there anything you’d have like to seen included? Let us know in the comment box below.