17.8 C
Lancashire
Friday, July 19, 2024

A Budget Wish List to Help Small and Medium Sized Businesses

Small business budget wishlist

March 2023: The provider of personal guarantee insurance to the owners of SMEs, Purbeck Personal Guarantee Insurance, has set out its wishlist for small businesses ahead of the Budget on 15th March 2023.

Todd Davison, MD of Purbeck Personal Guarantee Insurance said: “This budget needs to deliver for small and medium sized businesses. It needs to be progressive and encourage sustainability in every sense – there is no time to waste, The Rt HON Jeremy Hunt MP has an opportunity to help businesses cut costs, improve productivity and encourage future investment.”

A Budget Wishlist for UK SMEs:

  1. ‘Help to Green’ – Holistic strategy to support business transition away from high-cost energy:

Purbeck supports the development and publication of a holistic approach to transitioning the UK away from high-cost energy. Small businesses are susceptible from market price fluctuations and the current subsidies offered are not sustainable and place a burden on the UK taxpayer. The UK needs initiatives to help businesses plan for energy consumption with a focus on renewable and green technologies. This could be further supported by a “Help to Green” initiative to support training and awareness around energy consumption, identification of government support schemes and energy assessments to focus on renewable energy sources. 

  1. Encourage businesses to undertake sustainable investment:

A government supported tax scheme to encourage businesses to move to green technologies could be introduced by way of tax relief for investment in green plant and machinery. An additional initiative as supported by the NACFB, would be to provide ‘green loans’ by way of a government guarantee loan scheme. Finance would be provided at attractive rates to support the use of green technology and agendas. This could help the UK in reaching its zero targets.

 Companies who have achieved a net zero could pay a lower corporation tax than those that have not. 

  1. Enhance UK’s labour market participation rates:

Current estimates indicate that there are now around 6.6m people of working age who are not in full-time education or employment and are economically inactive. This is a combination of young workers and early retirees. Purbeck endorses The Federation of Small Business’swider 15 point strategy to improve the UK’s labour market participation rates by encouraging employees to get into work and employers to take on and train/develop their workforce. Vocational training vouchers could be issued to workers who wish to be reskilled and for employers to receive tax benefits for employing and training staff in desirable sectors or skills (such as sustainability, technology, health etc.). There could be a launch of consultations on reduced National Insurance Contributions for returning workers and retraining funding for vocational qualifications.

  1. Corporation tax regime:

As above, corporation tax is due to increase from 19% to 25%. There needs to be additional tax incentives to focus small business investment in green technologies, sustainable investment, and the labour force to encourage employers to pursue outcomes which meet and contribute towards UK Plc.

Furthermore, with these tax rates it means the UK is seen as less attractive than other international locations. The budget is an opportunity for the Chancellor to mitigate this impact as far as possible and provide a corporation tax roadmap over a number of years to help businesses make planning decisions.

spot_imgspot_img

Latest

Bin it and bag it: Jollyes launches nationwide free poo bag giveaway

Retailer Jollyes will open its next brand new store...

Benidorm’s Steve Pemberton raffles £30,000 of personal memorabilia for charity

Benidorm star Steve Pemberton has donated priceless memorabilia from...

Colne gears up to host major British cycling event

Some of the top riders in the country will...

Investigation launched following fatal fire in Blackpool

A joint investigation has been launched following a fatal...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Best Horse Racing Betting Apps In The UK – July 2024

If you are looking for the top horse racing...

Urgent callout made for foster carers across Lancashire

A new recruitment hub has been launched to recruit...

Best Betting Apps for iOS & Android on Mobile in the UK July 2024

This article is for those who wish to have...

Bin it and bag it: Jollyes launches nationwide free poo bag giveaway

Retailer Jollyes will open its next brand new store...

More News

Legal expert reveals steps to take after personal data breaches

A legal expert has outlined what to do if your personal data has been breached following cyber attacks on the NHS and Ticketmaster. A data...

UK Home Appliance Factory Contents Go Up for Auction

NCM Auctions, a specialist auctioneer and asset management firm, is auctioning the contents of a Merseyside-based factory on behalf of Glen Dimplex, a home...

Jack Mason – AI Innovation and Regulation Are Hurting Microsoft

Microsoft's recent decision to leave the OpenAI board amidst increasing regulatory scrutiny marks a significant juncture in the tech industry. This move, first reported...