Small businesses need budget boost
SMALL business owners across Bucks deserve a big boost in next month’s emergency budget, a local specialist says.
Andrew Twynam who runs TaxAssist in High Street, Chesham said the Chancellor’s second financial statement in four months, which will be given on July 8, must deliver on pre-election promises for the sector, but also give more concrete plans on key issues such as tax simplification and business rates.
He said: “Our preelection survey of UK small businesses showed that more than 90 per cent of business owners were set to use their vote, against a national average of 66 per cent. With small and medium sized firms in this country employing more than 15 million people, this is a national voice the new Government must listen to very carefully.
“George Osborne has said the summer budget will include new laws to prevent rises in income tax, VAT and National Insurance, which is good news for small businesses, but we would also like to see immediate discounts and reliefs on business rates as we wait for the promised full review of the system next year.
“Tax simplification is also a major priority for small businesses, with 52 per cent of business owners in our survey saying this was an issue which mattered most to them. If the Chancellor is to live up to his claim to be the party of the grafters, roofers, retailers and plumbers, he will need to show clear progress on this crucial area. A big budget boost for small business would be a great signal this summer that their vital contribution to the UK economy is clearly recognised and valued.”
More than 1,000 small businesses responded to a survey by small business specialists TaxAssist Accountants before the General Election.
The results have been forwarded to the HM Treasury which has requested views from businesses and individuals on what they would like to see in the budget.
TaxAssist Accountants Chesham provides tax and accountancy advice and services purely to small businesses.