Skip to main content
Kent Invicta Chamber of Commerce, the home of business support.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Small firms approaching Autumn Budget "with trepidation"

22 October 2024

At a time when business costs are still rising, small business owners are concerned that the upcoming Autumn Budget could bring additional employment costs.

Chancellor Rachel Reeves has hinted that she might increase employer National Insurance contributions (NICs) in next week's Autumn Budget and prime minister Keir Starmer has also refused to rule this out. There is widespread concern that the rules could be changed so that employers have to pay employer NICs on the money they put into their workers' pension scheme.

Alex Veitch, director of policy at the British Chambers of Commerce (BCC), said: "The chancellor is facing a tight fiscal position and will have to make difficult decisions in the forthcoming Budget. But raising Employer NICs would place an additional strain on businesses.

"Firms are run by working people, nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies. Raising employer NICs, in an already stretched economy, will simply hobble growth and lead to businesses having less money to invest in their staff."

All this comes at a time when costs are still rising for small firms - including staff wages. Kevin Fitzgerald, md at Employment Hero, said: "Wages at SMEs are growing unsustainably ahead of inflation … Some real wage growth is good news, but not this much, as it makes new employees unaffordable for businesses who want to grow. These small firms are the ones who will be hit if the government goes ahead with a new job tax on pension contributions at the Budget - they need help, not higher costs."

Employment Rights Bill

UK small firms are also concerned about the Employment Rights Bill. Alexandra Hall-Chen, principal policy advisor for employment at the Institute of Directors (IoD), said: "Our own data shows that business leaders are concerned about the impact of the Employment Rights Bill on the cost of employment. In order to meet the government's target of an 80% employment rate, it will need to work closely with the business community to avoid its reforms deterring employers from hiring in the UK."

On a positive note, a study by Novuna Business Finance has found that small business growth is at a two-year peak ahead of the Budget. The percentage of UK small businesses predicting growth for the final three months of 2024 remains at the two-year high of last quarter (35%) - with optimism highest across the North and the Midlands and among younger businesses.

"Whilst there is a lot of speculation on what lies ahead for businesses in the Autumn Budget, the last four months have been a period of relative positivity and consistency for UK small businesses … There are challenges ahead this autumn … but UK small businesses go into Q4 in their most buoyant mood for two years." Jo Morris, head of insight at Novuna Business Finance.

Will the Autumn Budget dent small business growth plans?

Even so, the Budget will have a significant impact on the UK's 5.5 million small firms. A poll of over 500 SME leaders on behalf of Simply Asset Finance has found that 74% said the outcomes of the Budget on 30 October would have a direct impact on their future growth plans.

It also seems that the small business jury is still out when it comes to the new Labour government - 40% of those polled said they're underwhelmed by progress so far, while 31% said they are pleased.

"It's evident that the government does not yet have the full confidence of UK business, but the budget is an opportunity for that to be tackled head on," said Mike Randall, chief executive at Simply Asset Finance. "Businesses up and down the UK recognise that the next 12 months offer a real opportunity for them to grow. But they need a helping hand to seize it."

Michelle Ovens, founder of Small Business Britain, told City AM: "Many of the nation's 5.5 million businesses are approaching this Budget with trepidation. Given they collectively represent huge potential for powering UK growth, we need measures that boost confidence. With high costs and affordability still a major issue for small firms, every effort must be made to avoid further ramping up their costs."

Written by Rachel Miller.