Autumn Statement

Salary Sacrifice Schemes: What Next?

Salary Sacrifice Schemes: What Next?

Towards the end of 2016 The Finance Bill 2017 was published, containing provisions intended to eliminate tax advantages that many previously enjoyed through entering into salary sacrifice schemes. Salary sacrifice schemes are agreements undertaken between employers and employees to provide non-cash benefits. However, changes to such schemes, announced in November’s Autumn Statement, mean that employers who have these arrangements in place must prepare to adhere to the new legislation coming into effect from 6 April 2017. The change is due to the government’s concerns regarding an increase in the use of salary sacrifice arrangements, especially as employees effectively pay for the benefit themselves through the reduction in their gross pay. What changes are proposed? Consultation documents ... »

UK Productivity Council Created Following Autumn Statement Promise

UK Productivity Council Created Following Autumn Statement Promise

A UK Productivity Council has been created to help support small businesses and drive the country’s productivity rate – following last week’s announcement that a £23bn National Productivity Investment Fund was to be established. The proposal to create a such a council has been spearheaded by several UK business leaders in conjunction with leading industry bodies including the Confederation of British Industry (CBI) and the Institute of Directors (IoD). The council will be private sector led and will receive £13m in seed funding from the government, phased over three years. The council will have an advisory board, a chief executive and a leadership team of around five people, be supported by up to 15 staff, and draw on the industry knowledge and expertise of business leaders who have ... »

Autumn Statement: The Key Issues Affecting Small Business

Promises of re-structured business rates, further tax relief and support to exporters announced during 2014 Autumn Statement On Wednesday, December 3, the chancellor of the exchequer George Osborne disclosed 2014’s Autumn Statement – outlining the government’s latest plans for the UK economy. A number of entrepreneurs cited hopes for extension on current research and development tax credits, cuts on corporation tax, and more government support prior to the release of the statement and many of these requests were answered. Here, is4profit has pulled together the key elements from the statement that will impact the small business community. British Business Bank Osborne announced that the government will be expanding its British Business Bank; this will mean that the Business Bank’s Enterpri... »