SPRING INTO ACTION, PHILIP

It’s all change next Tuesday when Chancellor of the Exchequer Philip Hammond delivers his Spring Statement.

The Treasury says there will be “no red box, no official document, no spending increases and no tax changes”. Here, small business expert Bobby Lane gives his wish list to nudge the Chancellor... Business rates: More than 242,000 UK firms are set to see a business rate hike of more than 3% and 52,500 face rises of more than 20%, according to research from the Altus Group. While many predict there will be little change on Tuesday, let’s hope there is a cap on business rate taxes for all those affected. There needs to be support for bricks and mortar businesses – many of which are struggling to survive on the high street. Late payment penalties: Cash flow is key to business survival and one of the biggest obstacles for small businesses is latepaying customers. Many companies are too afraid to say anything, particularly if it’s a big client that accounts for a large part of their business, as they don’t want to risk losing them. There are consultations on late payment issues, so let’s hope this leads to penalties to help ensure businesses are paid on time. Corporation tax tier for smaller businesses: We need a new rate introduced, or even a corporation tax holiday, for start-up or micro businesses trying to juggle cash flow in the early days. Investment: Politicians say Britain’s small businesses are the lifeblood of the economy – let’s see action rather than just talk. Great initiatives such as SEIS (Seed Enterprise Investment Scheme) and EIS (Enterprise Investment Scheme) need to remain and be improved further. Start-up nation: We need to celebrate Britain being one of the entrepreneurial capitals of the world with greater incentives to grow. Let’s incentivise them with a tax holiday in the first year towards the cost of recruiting staff. @bobbylaneuk