brexit

Budget 2020 – what it means for your small business.

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Emergency abolition of business rates.

From suspending business rates, cutting the Jobs Tax, reforming Entrepreneurs’ Relief, freezing fuel duty and supporting employers through coronavirus – this was a Budget for small business and the self-employed. – Federation of Small Businesses.

Small businesses here in Streatham have been extremely anxious about the impact of the coronavirus outbreak, they have been hit with back to back challenges in the last year and especially in the last three months.

Most have experienced slow trading, supply chain problems and shortage of staff. The hospitality sector has been particularly affected by the outbreak and the measures announced today is a step towards supporting the UK economy.

Businesses including shops, cafes/restaurants, with a rateable value of less than £51,000 will be eligible for the business rates break. Additionally, businesses eligible for small business rates relief will be allowed a £3,000 cash grant – a £2bn injection for 700,000 small businesses.

High Street business rates will be reviewed later this year.

Brexit Preparedness workshop

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Don’t wait; Prepare.

On October 9th, we held a Brexit Preparedness workshop for Streatham businesses, with support from the London Growth Hub and Brexit Help. The event was successful in informing businesses of the next steps to take ahead of October 31st and allowed businesses to raise other concerns regarding business policy.

Brexit means the UK will be separating from the European legal order, therefore not bound by EU policy but the World Trade Organisation will be the baseline.

Regarding employees from Europe, if the UK leaves the EU with a deal, they can apply for EU settlement up until June 30th 2021, however, if the UK leaves the EU WITHOUT a deal, the deadline for EU settlement is December 31st 2020. If you travel or transport goods from Europe in your own vehicle, remember to register for your EORI number, international drivers license, and update your car & health insurance.