Simon Hill, CEO of Wazoku, said:
As it’s the last Autumn Statement before the general election, businesses can expect a whole host of please vote for us policies. But will these have lasting and tangible benefits to growing businesses or will they be short-term vote-grabbers
“Id like to see two things. Raising capital and on-going cash flow remain issues for many start-ups, so an expansion of the Enterprise Investment Scheme and Seed Enterprise Investment Scheme to facilitate investments more readily via trusts and pensions, would open up this investment channel much further to early stage businesses.
“Additionally, further expansion of corporate tax relief, particularly around the Patent Box legislation would be interesting. Innovation grows ever more important in business, and the Patent Box legislation was designed to attract and nurture R&D companies in the UK, with firms entitled to a lower tax rate on profits from work related to patents that qualify for the scheme. Although some have criticised this as anti-European, broader innovation tax relief would encourage risk-taking in business and would give a boost to UK start-ups who want to be disruptive and innovative.
Ed Reeves, co-founder of Moneypenny, said:
The chancellor has an opportunity to make a big statement ahead of the election: to really put his money where his mouth is and strengthen support for SMEs.
“Lowering tax rates and National Insurance contributions for small businesses, even marginally, would help increase competitiveness and have a direct impact on job creation. We keep hearing that SMEs are the engine of the economy so now is the time to push the pedal to the metal.
Steve Gilroy, CEO of Vistage, said:
Thinking ahead to the Autumn Statement I would like to see initiatives or incentives that will encourage more relief and support for businesses, especially established mittelstand businesses.
Over the past few years the focus has been on creating incentives for entrepreneurs in startup mode. The Autumn Statement needs to address the needs of mittelstand businesses wanting to grow and expand their business. A way to help this would be to provide more focus and take-up of apprentices for a wide variety of roles and levels.
The Autumn Statement also needs to focus on London and the South Easts problems regarding low-cost housing. The planning process needs to speed up so the supply of low-cost housing will catch up with the large demand currently required.
John Coldicutt, CMO at KashFlow, said:?
At the start of the year the government made pledges to support growing small businesses, but these have simply not worked. Small businesses should be the growth engine of the UK economy, yet red tape continues to add pressure and is leaving business owners unable to focus on growing their company.
For example, recent research shows that regulation and inefficient accounting processes are stifling business growth, with almost of third (31.2 per cent) of small firms finding it increasingly difficult to keep track of their companys money and a quarter (25.8 per cent) admit they are reluctant to take on employees simply because it might complicate the payroll.
Business owners need to be supported so they can run their company effectively and profitably. Key to this a close, collaborative relationship with theirAccountantso both have the same access to up-to-date accounts. This will enable the accountant to act as a trusted adviser and add real value to the business. Meanwhile the business owner can focus on what they do best growing their business.
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