As reported by FSBThe Federation of Small Businesses outlines 150 recommendations for the next government to drive growth and support local communities.
Responding to the launch of the Conservative Party’s general election manifesto, Federation of Small Businesses (FSB) policy chair Tina McKenzie said:
“It was encouraging to hear the Prime Minister speak publicly about the talent, hard work and economic value of the self-employed. The FSB was founded 50 years ago as a campaign movement against increasing national insurance contributions (NICs) for the self-employed. Therefore, it is an important moment to see a major party commit to eliminating self-employed NICs in the next five years as a bold and welcome move to encourage entrepreneurship.
“We would like, however, to see a similar pro-business tax offer to support the other important group of entrepreneurs: the million directors of small limited companies who are a large, hard-working and job-creating part of the small population of the United Kingdom. Business community. Meanwhile, expanding the employment benefit to reduce employers’ NICs would also address rising employment costs and create new jobs.
“Small businesses will be pleased to see the Conservative commitment not to increase capital gains tax and to protect small businesses with relief from the disposal of business assets for entrepreneurs. For many small businesses their business is also their pension and it is right to no longer tax people when they come to sell.
“It is encouraging to see that the Conservatives are keeping further increases to the VAT threshold under review, building on the recent increase that the FSB successfully campaigned for and achieved. Exploring a softening mechanism to prevent those dragged into this tax from facing a costly and bureaucratic cliff edge is in line with another aspect of the FSB’s campaign on this issue.
“Changing the formula for disproportionately low business rates bills from out-of-town online giants’ warehouses provides a route to get more small businesses off business rates and maintain the rate reductions that exist for many hospitality businesses. , leisure and major small businesses in England.
“Poor payment practices by large companies towards their smaller suppliers are a widespread problem that anyone wishing to form the next Government should seek to eradicate, for the sake of fairness and a more predictable cash flow that can be used for investment. “It is encouraging to see this problem recognized in the Conservative manifesto, and expanding the powers of the Small Business Commissioner would be a useful part of the solution.”
“The end of the Shared Prosperity Fund will be a cause of concern for all four nations. Wales, Scotland, Northern Ireland and England want to see a strong offering to drive growth in every part of the UK.
“FSB has set out its own bold action plan for whoever forms the Government over the next five years, with more than 150 recommendations to boost the growth of small businesses that not only provide jobs in our local communities but also help many of our towns, villages and cities how special they are.
“Whoever wins the next election, there is much to be done to ensure the UK has the strong small business economy we all need.”