Deconstructing the budget for small businesses

Business / Wed 7th Feb 2024 at 08:11am

SMALL business owners and the self-employed from across Essex are invited to a Budget briefing and networking event on Friday 8th March – just days after the Chancellor has announced his Spring Budget.

The Federation of Small Businesses (FSB) will be hosting the networking session at ARU’s Arise Innovation Hub in Chelmsford, sponsored by the North Essex Economic Board (NEEB).

Open to all small business owners, (FSB members and non-members), the networking event runs from 1pm to 3pm with plenty of refreshments on hand.

Essex Development Manager, Ann Scott, said: “We saw the Chancellor put in place many of the measures we had campaigned for during the Autumn statement, such as the continuation of the 75% reduction on business rates for retail, leisure and hospitality.

“However, we must see more to help small businesses in the Spring Budget. They employ 16.7 million people, so they really are at the heart of our communities and the backbone of our economy – they must be supported if the economy is to thrive. 

“FSB is calling for a rise in the VAT threshold from £85,000 to £100,000, an increase in the Small Business Rates Relief from £12,000 to at least £25,000, a restoration of tax-free shopping for overseas visitors and small business-tailored policies in the net zero space, such as FSB’s proposed ‘Help to Green’ scheme”.

FSB offers members a wide range of vital business services including advice, financial expertise, support, and a powerful voice heard in government. Established over 40 years ago, the non-profit making organisation is the UK’s largest business support group with several in-person and virtual events across Essex every month. 

Attendees will have the opportunity to purchase an FSB membership at a discount of 10% on the day. They will also be able to find out what support is on offer from NEEB, Backing Essex Business and Chelmsford City Council.

Councillor Richard Siddall, Chairman of NEEB, said: “This event will be a useful way for North Essex businesses to learn about the implications of the next Budget, and really get to grips with what it means to them. I encourage people to sign up and benefit from this useful and timely opportunity.”

This event will see FSB Regional Chairman, David Bell, quiz the panel on what the Chancellor’s new policies mean for small business owners and the self-employed. It will outline actions they need to take for their business, (and personally), and what it may mean for profitability.

The panel will include Matt Jaffa, (Senior External Affairs Manager at FSB), Brendon Howlett, (Director of Wood & Disney and Fellow of the Institute of Chartered Accountants), and Henry Bennett, (an FSB member and Director of Wokendon Wealth Management). Attendees will be able to book a free online, no obligation, financial health check with Henry. An FSB member within the retail, leisure or hospitality sector is also to be confirmed.

Booking in advance is essential: https://www.fsb.org.uk/event-calendar/fsb-essex-budget-briefing-8thmar24.html

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