Small business group presents tax wish list for Autumn Statement
13 Nov 2014
Ahead of the Chancellor’s Autumn Statement (Wednesday 3 December), the Forum of Private Business (FPB) has written to Chancellor George Osborne outlining some key areas for action.
Taxation forms a central part of the FPB’s Autumn Statement submission, which includes calls for the Government to scrap plans to allow HMRC to recover funds directly from the bank accounts of small businesses.
The Forum is calling for a number of measures to reduce business costs, including a further cap on business rates for the remainder of this Parliament, measures to develop e-invoicing and a continued commitment to freeze fuel duty until May 2015.
The business group also wants to see the introduction of a scheme that would offer tax relief for small business exports activity, by reducing an eligible entrepreneur’s tax bill or by providing export tax credits in the form of a cash sum. Their proposed scheme would operate in a similar fashion to the existing R&D relief for corporation tax, and the larger the entrepreneur’s proportion of overseas trade sales, the higher their tax credits would be.
FPB chief executive Phil Orford commented, ‘Whilst our members realise that the Government still face difficult decisions when it comes to deficit reduction, they have a vital part to play in ensuring a sustainable recovery and would like to see the Chancellor take action to mitigate the cost impacts for the business over the next year.
‘These short term measures to support rising business costs will be welcome and should come ahead of more ambitious support in party manifestos.’