Budget boost for small businesses
If you’ve thought about starting a new business, then now is certainly a good time, especially following the latest budget report. Only last month, politicians from both the Conservative and Labour party spoke about the small business sector as the backbone of the UK’s economy since the recession began. With the announcement of this year’s budget it seems that the Labour party is going some way to support this idea. Alistair Darling has committed to making more finance available to small business and recent company formation owners. Under the new measures, not only will banks be implored to give new businesses more credit, they will also be obligated to provide reasons behind rejections and a robust complaints procedure will be available for companies who have been denied credit and wish to dispute the bank’s decision. The chancellor added that certain banks will be forced to lend ninety four billion pounds to companies over the next year and of this, over 50% has been allocated to go to small businesses. The budget has unquestionably been conceived with small businesses in mind. Obviously, making more finance available to the company formation sector is definitely a positive move. Company formation was once the sole preserve of lawyers and accountants in stuffy offices. The process seemed to take weeks and was accompanied by boxes of bound books, company seals and importantly, the price to form a company was often several hundred pounds. Today the majority of UK companies are formed the same day electronically. Companies can be created by individuals, specialised agents, solicitors or accountants. Many solicitors and accountants subcontract incorporation out to specialised company formation agents that operate an online service, making the process far simpler and affordable. Visit www.companiesmadesimple.com for more information about starting a company, as well as a Small Business Resources section, packed with free guides and services.