The government has announced the details of a raft of new measures that are designed to help the country’s small business community.
It has been suggested that the changes could help to save entrepreneurs tens of thousands of pounds on an annual basis.
Prime minister, David Cameron, spoke about these measures at a speech given at the Federation of Small Businesses.
Among the changes being introduced by the government are the revisions to business rates, with Mr Cameron explaining that there will be extra relief provided through the extension of the Small Business Rate Relief programme.
Similarly, there will be a £30 million programme that will offer small firms as much as £2,000 each to access specialist expertise for growth.
Added to this, it has been confirmed that from April 2014, every business and charity will be entitled to a £2,000 reduction in their employer National Insurance Contributions every year.
These reforms, among others, ought to assist the small business community, he said.
Reflecting on the changes, business secretary Vince Cable said, “Small businesses play an important role in boosting growth and creating jobs. I regularly meet these companies across the UK to hear first-hand how government can do its part to help small and medium-sized businesses grow and succeed. We have acted on their demands by improving access to finance with the new British Business Bank, which I established last year, by significantly reducing red tape and by increasing the take-up of business rate relief.”
In 2013, it was confirmed that non-bank lending to small businesses in the UK has reached a 5-year high.
An increasing number of enterprises are turning their attention to alternative forms of credit as a means of stimulating their operation, a report said.
In the space of 12 months, the UK’s commercial finance brokers arranged for £10.5 billion in credit for small and medium-sized enterprises.