The pre-budget report was announced by Chancellor Alistair Darling yesterday, which included key measures to support small and medium enterprises, including
- The Business Payment Support Service will continue, further deferring the increase in the Small Companies’ Rate of corporation tax;
- Business will have access to the capital they need: through the legally binding lending commitments made by the Royal Bank of Scotland and Lloyds Banking Group; by making an additional £500 million of lending available to small and medium-sized enterprises through.
- Innovation will be driven by introducing a Patent Box, a reduced rate of corporation tax applying to income from patents from April 2013.
Other key measures include a 0.5% increase in National Insurance rates from April 2011, as well as a guarantee that under 24’s who have been out of work for more than 6 months will receive work or training.
This further supports the work of FlyingStart and FlyingStart Make It Happen, part of the National Council for Graduate Entrepreneurship, which are dedicated to helping graduates and students who are interested in starting a business or becoming self employed. Click here to read the pre-budget report in full.