A local small business specialist is calling on the Chancellor of the Exchequer, Philip Hammond, to support the small business community in the upcoming Autumn Statement (23 November).
Nigel Lomax, who owns TaxAssist Accountants in Shrewsbury and Newport, is urging the Chancellor to take into consideration the immense pressure small businesses are under already and consider tax cuts which will help job creation and growth.
In his first economic statement, there are concerns Mr Hammond will go for headline-grabbing changes that overlook small businesses, which are already struggling under the additional pressures of complying with auto enrolment for pensions and new rules around how dividend payments are made.
“Local business owners need a well-deserved boost and a break from more tax rules, administrative responsibilities and costs,” said Nigel Lomax. “We already face huge demands on our time and hard-earned income – from compulsory contributions to staff pension pots, changes to the way that dividend payments are taxed, onerous business rates and digital tax reporting.
“We’re calling on the government to increase the current Employment Allowance from £3,000 to £4,000, which would help small businesses maintain hiring levels and increase pay. Speaking to small businesses in our community, one of the other changes we’d like to see, which would be small change for HM Revenue & Customs in the long run, is to see the return of a Small Companies’ rate of Corporation Tax Rate to encourage growth in the small business sector, rather than landing them with sometimes crippling tax bills.
“Another incentive the government could announce would be that it would provide vouchers that could be redeemed towards the cost of suitable bookkeeping software. This would encourage small businesses to adopt HMRC’s plans to introduce digital tax reporting and make the transition smoother for all parties.
“With over 5 million small businesses in the UK, contributing a massive £1.8 trillion to our economy and providing 15.6 million jobs, we’re urging the Chancellor to hear the voice of small business and recognise their vital role in the future success of the country.”
