FSB respond to Labour Party’s SME pledges

(2 minutes to read)

Labour plans to launch ’20 pledges to business’ to help smaller sized firms and rejuvenate Britain’s high streets.

With the Labour Party making a pledge to help out the UK’s SMEs, the Federation of Small Businesses has responded.

Key factors of the 20-point plan include:

  • A £250 billion UK National Investment Bank and network of Regional and National Development Banks to give small businesses and the industries of the future the funding they need.
  • Stamping out late payments that hit smaller businesses.
  • Providing free full fibre broadband to every business premises.
  • Giving SMEs access to funding for training raised through the Apprenticeship Levy.
  • Scraping quarterly reporting for businesses with a turnover of under £85,000.
  • Using government procurement to support SMEs and economic growth.
  • Fundamentally reforming the outdated business rates system, including switching to annual valuations.

FSB National Chairman, Mike Cherry, said, “There’s no shortage of ambition when it comes to Labour’s business pledges. The party has put forward a huge amount to welcome today, and it’s particularly good to see it embracing our call for a UK small business development agency based on the streamlined support model we see in the US.

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“Equally, the unequivocal commitment to end our £2.5 billion late payment crisis is vital. Ending the UK’s endemic poor payment culture has to be a top priority for whoever takes the reins at the Business Department later this year.

“Our recommendations regarding the apprenticeship levy and Making Tax Digital are also on show today.”

Cherry added, “But urgent clarity is needed around how Labour plans to protect small firms with moderate turnovers from its proposed changes to dividend taxation. The party promised that no business owner making less than £80,000 would be targeted if it wins power. But, as things stand, it’s hard to see how that will be the case.

“If this party wants to show it’s on the side of small businesses, it needs to clear up this situation, and fast.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@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.