It’s clear that the government are taking notice of the huge impact that small businesses have on the UK economy as a whole and if there is a right time to start your own small business, why not make it now?
You may have had a fantastic concept for a new business that could be started in your own home, but have been held back due to some of the commonly discussed rules and regulations.
According to The Telegraph the government are launching a new Home Business Initiative to assist those who are setting up businesses from their homes. A contribution of £300bn, from 2.9m home-based businesses, is made to the UK economy each year. This demonstrates how important home based companies are to the UK as a whole. Therefore it’s vital that individuals are given the right support and guidance when setting up a small business as not only do they effect the UK as a whole, the local community benefits in the form of income and increasing employment opportunities.
Unlike previously, the government have finally removed a major stumbling block holding back entrepreneurs – planning permission. This new move being introduced by the government will put an end to the need to file for planning permission for a home-based business clarifying the rules surrounding this subject completely. In addition there are also calls to offer further incentives such as tax breaks for those home businesses that employ staff. Figures from the Department of Business Innovation & Skills show that more than 300,000 jobs would be created if just one in ten home businesses took on an extra employee.
The business minister Matthew Hancock, who initially announced these new measures, said they were “specifically for home businesses.” He said: “These changes, along with a host of small changes, I hope will make a step in the right direction.”
The best way to keep costs down is ensuring that you are getting the best deal on everything from energy and broadband to insurance. The tax bill can also be minimised by taking advantage of your allowances, all whilst staying within the correct regulations. Some of these could include claiming tax relief on everything from business travel and stationery to accounting services.
Feel free to call us to discuss this in more detail.
