FSB - Budget submission presented to Treasury - Business - News - Moneyfacts

News

FSB - Budget submission presented to Treasury

FSB - Budget submission presented to Treasury

Category: Business

Updated: 31/10/2008
First Published: 28/06/2006

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Federation of Small Businesses has presented its Budget submission to the Treasury. Whilst unsurprisingly calling on the Chancellor to assist in small firms' growth, it has also highlighted several areas of concern.

Of particular interest to the FSB is the increasing cost and intrusiveness of the inspection regime upon small businesses. The FSB believes that the revenue raised for the Government is comparatively small when compared to the size of the compliance burden small firms have placed on them. Bearing this in mind, the FSB believe that HM Revenue & Customs should review the whole risk assessment process for small businesses.

A clearer, more straightforward tax system is another measure the FSB has called on the Chancellor to create. Rather than further amending existing legislation, it believes the system should be streamlined and consolidated, building on plans previously announced in the Pre-Budget Report. It hopes this will cut out any inconsistencies and unintended effects that can presently hit small businesses so hard.

Neil Hamper, the FSB National Tax Chairman hopes these and other areas of concern will be noted. He commented: "The best way for the Chancellor to achieve his policy objectives is to work with small firms to create a beneficial business climate encouraging growth and entrepreneurship."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Business owners – do you have a cash buffer?

Building up a cash buffer can be a vital part of business management, particularly in uncertain times. It’s therefore little surprise to find that SMEs built up significant cash reserves in the lead up to the referendum.

Business owners – are you missing out on returns?

Running a successful company demands strong organisational skills, business acumen and a keen eye for finances, which is why it’s so surprising that many business owners could be missing out on returns because they don’t know their interest rate.

2016 Business Moneyfacts Awards winners announced

The winners of the 2016 Business Moneyfacts Awards were announced last night at the prestigious Lancaster London Hotel.
 
Close