The Forum of Private Business has based its Budget submission to George Osborne on five main areas, which it considers to be critical to the growth of UK businesses.
The main areas in the submission are the simplification of tax, improve cash flow, creation of jobs and boost skills, growth and lower business costs. Research conducted by the FPB indicates that businesses want comprehensive changes to tax to be the main focus of the Chancellor.
Members of the SMEs Tax and Budget Panel of the forum gave their opinion of what they consider to be necessary for growth of UK SMEs. Research which had been carried out earlier was also used to formulate the submission. Changes to the tax system in the UK are needed, according to 44 percent of businesses, while the removal of specified tax breaks is deemed necessary by 24 percent, so that the tax system would be simpler. According to the senior policy advisor of the FPB, Alex Jackman, focusing on the five areas will allow the Chancellor to stimulate growth and business confidence in the UK.
Jackman further added that SMEs should be rewarded for taking risks in business in an attempt to boost business growth, while tax incentives should be introduced and cash flow threats addressed. Businesses will be informed of any changes to legislation following the Budget announcement, by their small business accountant, who will implement any relevant tax breaks if they are legible.
Want to learn more?
Subscribe to our newsletter to get accounting tips like this right to your inbox