In our last post we highlighted what the Federation of Small Businesses (FSB) can do for small businesses and start-ups, and that organisation has now called on Chancellor George Osborne to reform the tax system in the Emergency Budget on July 8th 2015.
With particular reference to business rates, the FSB wants the government to “strengthen the landscape for small businesses” and enterprise, supporting continued reduction of the deficit and support for ambitious entrepreneurs. It believes the current business rate system is out of date and is particularly unfair to those businesses who require a physical space in which to operate.
There is already a review underway, set to report back before the 2016 budget, and the FSB is seeking “a new, fully reformed system that is flexible, fair, transparent and efficiently administered”.
There is already a commitment to look at how businesses use property, how rates need to change in light of fluctuating property values and what can be learned from other countries.
The FSB praised the seed enterprise investment scheme (SEIS) as a stimulus for growth. SEIS provides relief to individual investors in small, early-stage companies – and entrepreneurs’ relief, a tax break for business owners.