Autumn Budget is Chancellor’s make or break moment for SMEs

(2 minutes to read)

The FSB is urging Chancellor Philip Hammond to make good on his previous words that “the Conservative Party is, and always will be, the party of business” in its Autumn Budget submission.

The Federation of Small Businesses is calling on the government to offer more support to the UK’s SMEs.

The FSB’s key suggestions include:

  • Putting a stop to annual inflation-linked increase in business rates bills set to take effect from April 2019
  • Removal of an anomaly that causes small firms to lose Small Business Rate Relief (SBRR) if they expand into a second premises (even if both locations are modest in size)
  • Additional, targeted support for struggling high street firms with the recommendation of a £1,000 business rates discount for small shops, cafes and pubs
  • ‘Meaningful’ support for sole traders following an immediate climb-down from a bid to increase Class IV NICs for the self-employed last year – and the abandonment of a pledge to end Class II NICs earlier this year
  • Statutory Adoption Allowance for the self-employed
  • An extension to the Start-Up period
  • Reforms to the Minimum Income Floor for sole traders claiming Universal Credit
  • Continuation of the New Enterprise Allowance
  • Improved access to income protection insurance
  • A widening of tax relief on training for sole traders – currently, the self-employed can only claim tax relief on training to increase existing skill sets, rather than to develop new ones.

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FSB National Chairman Mike Cherry, commented, “For small business owners, this Budget is the Chancellor’s make or break moment.

Warm words from the Government are welcome, but they need to translate into action. With our small retailers trying to keep their heads above water – and the self-employed community left demoralised by the failure to end Class II NICs – this is the Chancellor’s opportunity to show he really does back business.

Brexit is naturally front of mind for many in Westminster, but it’s important to remember that small firms cite the domestic economy as its main barrier to growth. Securing the right Brexit deal is vital – so too is providing support closer to home.”

He added, “The Prime Minister’s announcement of a continued fuel duty freeze will be hugely welcomed by the millions of small businesses that rely on cars, vans and trucks to get work done. So too will the Business Secretary’s moves to end a UK late payment crisis that destroys 50,000 small firms a year.

“We want to see the Chancellor continuing in that vein – reducing the cost burdens for small businesses and recommitting to ending the scourge of poor payment practice.

“There are 5.7 million small firms in the UK. If the Chancellor wants them to continue driving economic growth then we need to see an Autumn Budget that is unequivocally pro-business.

To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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