Commenting on the Chancellor’s Budget, Ewan Edwards, Head of Savings at Aldermore said:
“The UK now has more than four million self-employed workers and with as many as one-in-three (33%) Britons considering becoming self-employed over the next two years, we would like to see more policies that back Britain’s entrepreneurs. We believe the creation of two new initiatives, an Entrepreneur ISA and the Small Business Savings Allowance which would provide support for future small businesses and the Small Business Savings Allowance helping existing businesses to become more resilient. This is an important issue and we look forward to continued engagement with the Government.”
The Small Business Savings Allowance
Launch – Encourage entrepreneurship and the creation of small businesses, something the Government wishes to promote. As many as one in three employed people are looking to become self-employed. The addressable market currently sits at 4.57m.
Turn your idea into reality – build the capital you need with market leading rates in a tax free wrapper of up to 20,000 per year.
You’re in control – deposit between £50 and £200 per month for a guaranteed 25% matched government bonus (up to a maximum of £3,000).
Purpose: To launch a business
We understand that setting up a business can be hard; that’s why we are championing the Entrepreneur ISA. Providing tax relief on business capital and up to and up to £3,000 of government support we help individuals make business ideas a reality.
Growth – Targets a large proportion of small businesses and would support economic growth post-Brexit.The addressable market shows at 1.5m self-employed people and 75% of those canvassed were supported of an ISA designed to help people grow their business.
Your Business ambitions supported with the new personal Small Business Savings Allowance (SBSA).
· Up to 4,000 a year of income from Savings is tax free for all Ltd Companies, Sole Traders and Partnerships with a turnover of less than £250,000.
· Savings income includes account interest from bank and building society business accounts but also includes interest distributions (not dividends) from many.
Purpose: To grow your business
The Small Business Savings Allowance proposal is the business equivalent of the Personal Savings Allowance.
Above: An outline to how the Entrepreneur ISA and The Small Business Saving Allowance could work
As part of Aldermore’s campaign we have today launched our Support More Entrepreneurs campaign. We are asking Britons to sign our petition and encourage the Government to do more for Britain’s small businesses.
For further information, journalists can contact:
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Adam Taylor, Cicero
Phone: 020 7297 5971
Notes to Editors:
The research was conducted by Toluna via an online panel between 28th March and 3rd April 2017. The sample consisted of 1,174 UK residents, including 317 entrepreneurs, self-employed people and business owners.
For further information about Aldermore, please review our Notes to Editors page