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Nov 22nd
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News Business News Small business concerns over forthcoming Budget
News Business News Small business concerns over forthcoming Budget | Small business concerns over forthcoming Budget |
 This year’s Budget could well add to the tax burden of smaller firms, the Forum of Private Business (FPB) has warned.With prospective increases in fuel duty and corporation tax, the FPB has said that the Chancellor’s tax plans could mean that small businesses will end up paying for the tax breaks that the Treasury intends to offer bigger businesses. The abolition of Capital Gains Tax taper relief and a crackdown on income shifting, which will place a huge administrative obligation on family-run firms, will only serve to hamper small businesses further, the FPB added. Also of concern to the FPB are the proposed introduction of national road pricing schemes and the imposition of supplementary business rates, which, it is feared, will undermine many of the UK’s smaller businesses. The FPB, therefore, has called on the government to reconsider its tax plans. The business group also wants employers’ National Insurance Contributions to be reduced. Matt Goodman, the FPB’s policy representative, said: “The FPB is urging the Chancellor to radically rethink many of his ideas, in particular his tax plans, which specifically disadvantage smaller businesses. Issues such as excessive legislation, unfair competition and the dearth in work-ready, skilled employees leaving education must also be addressed as a matter of priority.” |
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