Despite being met by much controversy across the country, the Budget spells a promising future for new business start-ups in the UK. The Chancellor of the Exchequer, Phillip Hammond, has pledged to double the EIS Budget and ‘unlock’ £20 billion of patient capital over the next 10 years to help innovative high-growth companies.

With all the looming uncertainties caused by Brexit, the Chancellor wants to put new businesses at the forefront of his plan to build the British economy. He believes that encouraging new investment is the best way to overcome the obstacles posed by Brexit, and the team here at Lima Accountancy agrees.

One of the main ways that the Budget aims to encourage investment in new businesses is through incentives such as the Enterprise Incentive Scheme (EIS). The EIS Budget will be doubled in a bid to encourage investment in SMEs, meaning investors can now invest £2 million compared to the previous £1 million.

EIS is a huge incentive for entrepreneurs and is a brilliant way to kickstart new business and give them the lift they need. The EIS Budget has been doubled because of its massive success over recent years. There has been a year-on-year increase in new business start-ups, with over 550,000 founded this year alone.

Lima Accountancy welcome the investment into British start-up companies and are pleased that their significance to the nation’s economy has been recognised.

Our team of expert Leeds-based accountants specialise in new business start-ups and can help you manage your business’s finance using our in-depth and up-to-date knowledge of current affairs and legislation. We can offer advice on lots of complicated aspects regarding your organisation’s accounts, including taxation and financial support.

For more information on our accountancy services, call us today on 0113 844 0402.