With just a few weeks until Budget 2020, TaxAssist Accountants has sought to put the everyday issues facing the UK’s small business community on the radar of the Chancellor of the Exchequer, Rishi Sunak.
Having met the previous Chancellor, Sajid Javid, at the national TaxAssist Support Office in Norwich, a team of delegates highlighted the many challenges the network’s 75,000-strong base of small business clients currently face.
Daren Moore FCCA, Group Commercial Director of TaxAssist Accountants, has outlined eight key questions that the network’s clients want answers to in the upcoming Budget 2020.
These eight issues include the need for clarity regarding IR35 in the private sector, which risks seeing legitimate contractors being unfairly impacted by the proposed changes to the system.
TaxAssist Accountants has also called for the Chancellor to consider a review of the business rates system, to help independent retailers on the high street to better compete with their online counterparts.
The network’s non-VAT registered clients are also urging the Chancellor to commit to dates for the remaining rollout of Making Tax Digital (MTD), ensuring all businesses not in the current system can handle the change in good time.
The recent speculation regarding the future of Entrepreneurs’ Relief has also been unhelpful for business owners, with the relief having encouraged entrepreneurial behaviour nationwide for many years. It’s hoped the upcoming Budget will offer some clarity on whether the relief is being scaled back or, indeed, being abolished.
With a franchise network of more than 375 offices, TaxAssist have also written to the Chancellor about the benefits franchising offers as a reduced risk way for businesses wishing to expand and thereby contribute to the UK economy.
The franchise industry currently generates £17.2 billion in revenue, from 935 active franchise systems and employs around 710,000 people across the UK.
Karl Sandall, Group Chief Executive Director, of TaxAssist Accountants, said: “We are proud to represent small businesses, the ‘lifeblood’ of the UK economy and we will take every opportunity we can to speak up for their needs and concerns as a collective voice.”
The Budget is due to be announced on 11th March 2020 and TaxAssist Accountants will be providing live updates on social media through the day and a free newsletter and PDF containing the key announcements and changes that business owners need to know. Click here for our Budget updates and register for our newsletter to keep up to date.
Date published 12 Feb 2020 | Last updated 23 Sep 2020
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