Keylend’s Post

Following the Rt Hon Rachel Reeves' inaugural Budget, here is my take. This Autumn Budget presents a classic “robbing Peter to pay Paul” scenario for the UK’s #SMB community. While there’s targeted support, there are also significant challenges, especially for those already managing tight margins. 🟠 National Insurance: The 1.2% increase in employer National Insurance contributions, along with a reduced threshold of £5,000, will certainly put pressure on smaller firms. An adjustment to this threshold based on business size or revenue could have offered crucial relief. 🟠 Capital Gains Tax: Though the Capital Gains Tax increase to 24% was less steep than anticipated, small businesses in asset disposal or succession will need to plan accordingly. The boost in Employment Allowance to £10,500 should offset this for many, helping over a million small businesses to see minimal or no change in their NI bills. 🟠 Business Rates Relief: The continuation of relief for retail, hospitality, and leisure properties is a positive, though the reduced level of support may disappoint those relying on the previous higher rate. 🟠 Levelling up: One bright spot is the renewed commitment to “levelling up” beyond the North-South divide, expanding support across the UK and creating opportunities for businesses outside London. As promised, this Budget was "painful" for the small business sector. Adapting to these changes requires scenario planning to manage rising costs while leveraging available support. Accurate, real-time financial data will be essential for making agile decisions. Embracing digital tools and seeking expert advice will be critical as firms strive to remain resilient and position themselves for growth. What’s your take on today’s announcements? #Budget2024 #AutumnBudget2024 #UKEconomy #SmallBusinessSupport

Small Business Boost: Autumn Statement 2023 The Chancellor's Autumn Statement delivered a significant boost for small businesses, with measures aimed at fuelling investment, growth, and job creation. Key highlights for small businesses: • Tax relief: Abolition of Class 2 National Insurance and a 1% cut in Class 4, saving small business owners an average of £542 per year. • Investment incentives: Full capital expensing made permanent, allowing businesses to deduct the cost of new equipment from their profits upfront. • Support for retail, hospitality, and leisure: Extension of the 75% business rates discount, providing much-needed relief for businesses in these sectors. These measures will empower small businesses to thrive, invest in growth, and create opportunities for the UK economy. How do you think the Autumn Statement will impact your small business? #thealternativeboard #AutumnStatement #SmallBusiness #UKEconomy

Treasurer Jim Chalmers has delivered his third Budget, prioritising boosting private sector investment to "fund and finance the future". After an expected second successive surplus of $9.3 billion for 2023-24, the Government is headed back into deficit for 2024-25 year, predicted to be $28.3 billion. The Government’s focus is to stimulate economic growth through encouraging businesses to invest, while maintaining cost-of-living relief balanced against a predicted easing of inflationary pressures. We set out a summary of the key measures announced, and what they mean for you and your business. https://lnkd.in/gWuwhs2d #NexiaAustralia #FederalBudget #2024Budget

Open letter to the Chancellor: Spring Budget 2024 "Ahead of the Spring Budget we are writing to the chancellor, on behalf of the UK’s 5.5m small business owners, to take urgent action. Small businesses are undeniably the backbone of both our communities and economy. Yet the self-employed are currently facing a crippling set of circumstances that have left them squeezed from both sides – with costs spiralling at a time when their customers are becoming increasingly price conscious. Make no mistake, they need immediate support. For many, survival is a struggle – over a quarter told us they are already at risk of closure. Growth, meanwhile – which will hold the key to our economic recovery – is near-impossible..." https://lnkd.in/ef_ejr5M via Simply Business #Budget #economy #government #finance #biz #SME

Australian budget focuses on cost-of-living relief 👛 Last week, the Federal Government unveiled its annual budget, highlighting crucial measures aimed at reducing cost of living pressure affecting everyday Australians. The announcement has elicited a range of responses from the business community, reflecting the varied challenges and opportunities presented by the new budget. Our Country Manager for Australia, Brendan Straw, shared his positive outlook in Dynamic Business: "Fantastic to see the Australian Federal Budget recognising the urgent need to address cost-of-living pressures while simultaneously investing in a brighter tomorrow, all within the framework of a resilient economy." 📖 Read the full article on Dynamic Business here 👉https://lnkd.in/dFWnJEUb #ShopFully #Budget2024 #Costofliving #Australianbusiness

Chancellor Rachel Reeves's 2024 budget was an interesting watch yesterday as it aims to reset the UK economy, focusing on stability, growth, and a green transition. Key measures include tax adjustments; increases in National Insurance and capital gains tax, to address public finance needs while boosting funds for the NHS and public sector pay, which most people would certainly agree is long overdue. It's expected that businesses will face increased operational costs due to higher National Insurance and energy-related taxes, many businesses might face tighter cash flows, potentially affecting payment cycles and increasing reliance on trade credit. It's clear there is a shift towards green investment and the National Wealth Fund’s support for clean energy. These budget incentives could create opportunities in renewable sectors, underscoring the need for businesses to manage credit exposure carefully while seeking growth in emerging sectors. I will be interested to see how this impacts businesses in Q1 of 2025 and beyond. #Budget #WTW #Business #News #UK #Insurance

Missed the #budget today?! Don’t worry I asked my excellent colleague Chat GPT to give me a summary relevant to #SMEs in Greater #Manchester… Here’s a summary of the Autumn Budget 2024 with a focus on the positive and negative impacts for SMEs in Greater Manchester. Positives for SMEs 1. Regional Investment Boost The budget includes a dedicated investment for the Northern Powerhouse, which aims to bolster infrastructure, innovation, and regional economic development. This support is expected to improve transport links and create opportunities for local businesses to connect with broader markets . 2. Support for Skills Development The government has allocated new funding for skills training, addressing labor shortages and helping SMEs access a more skilled workforce. This could improve productivity and reduce recruitment challenges, particularly in sectors struggling with high turnover . 3. Green Initiative Support SMEs aiming to adopt sustainable practices may benefit from new green incentives, such as tax reliefs and grants for environmental upgrades. These incentives can help reduce operating costs over time and align businesses with growing consumer demand for eco-friendly practices . Negatives for SMEs 1. Increased Employer National Insurance SMEs will face higher National Insurance contributions, raising payroll costs and potentially limiting expansion or hiring. This increase has been a significant point of concern, as it may pressure smaller businesses with limited margins . 2. Capital Gains Tax (CGT) Rise The hike in CGT could be challenging for businesses with investment assets or those considering sales of property or capital assets. Higher taxes on gains may discourage reinvestment or delay growth initiatives to avoid additional liabilities . 3. Reduced Business Reliefs With few new relief options, SMEs may feel stretched as inflation and operational costs rise. The budget’s limited support for additional reliefs could make it harder for businesses to manage costs or pursue growth projects effectively . 4. Potential Higher Borrowing Costs Increased government borrowing and spending plans have raised concerns of inflation and interest rate hikes, potentially leading to higher costs of credit for SMEs. This could limit their ability to finance expansions or manage debt affordably . In summary, while Greater Manchester’s SMEs stand to benefit from regional investment and workforce development initiatives, they will also face challenges from higher operational costs due to increased taxes and potential borrowing constraints.

Want to know how the Spring Budget announcements will impact your business, the public sector, and the UK economy? Our expert teams have analysed the details and shared their insights. Click the link to find out more: https://okt.to/Wf7nFi #SpringBudget #Budget2024

Australia's third Federal Budget was just announced, and here's what you need to know as small business owners. The budget is all about Cost of Living Support and the Future Made in Australia Program. - The extension of the $20k small business instant asset write-off: Small businesses with an aggregated annual turnover of less than $10 million will continue to be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use by 30 June 2025. The asset threshold applies on a per asset basis so multiple assets can be written off instantly (Budget.gov.au). - Further individual tax cuts continue as announced previously: Stage 3 tax cuts will deliver savings of $4,529 per annum for those in the highest tax bracket, from 1 July this year. The average taxpayer will save $1,888 a year (NAB). - A $300 rebate is expected on energy bills for all Australian households and a $325 rebate to eligible small businesses on their 2024–25 energy bills. - Recognising the stress small business owners face, the government is offering free mental health coaching through the Small Business Debt Helpline and the NewAccess for Small Business Owners program. - Increased commitment in sustainability (Future Made in Australia). Share your thoughts in the comment! - #smallbusiness #smallbusinesssupport #smallbusinesstips #FederalBudget2024 #governmentsupport #supportlocal #sustainability #businessadvice #businessadvisor #businessaccountant #businessinsights #businessnews #avladvisory Small business advisor, small business accountant, government support, federal budget, business Australia

As the financial landscape continues to evolve, staying informed is key to making strategic decisions. At S&A Strategies, we're proud to share our comprehensive analysis of Ontario's 2024 budget, providing invaluable insights for businesses, stakeholders, and policymakers alike. To access our full analysis, click here: https://lnkd.in/g6j4eY5Y #OntarioBudget #FinancialAnalysis #StrategicInsights #SAStrategies #EconomicOutlook #BusinessGrowth #Innovation #Sustainability