A fair deal for owner-managed SME businesses, says James Cowper Kreston

Businesses and their advisers across the South East are calling for a fairer deal from the next government.

A survey of almost 7,000 business leaders and their advisers conducted by Thames Valley and South Coast accountants James Cowper Kreston highlights the top ten concerns of business and calls for real change and support from political candidates.

The survey was conducted throughout January and February 2015 and is presented in a report  - Entrepreneurial Nation: A Fair Deal for UK Businesses.

Robert Holland, Managing Partner at James Cowper Kreston said: “Small and medium-sized businesses are the engines of our economy.  They employ a great number of talented and committed people and contribute significant amounts to the Government’s coffers.

“Yet as we fast approach the May 7 General Election candidates throw promises around like confetti at a wedding but do not listen to the real concerns of businesses.  Owner-managed SME businesses are once again being overlooked.

“Our manifesto seeks to address this.  We want the next government, whatever its colour, to listen to these engines of the economy and commit to providing greater support.  Without properly supported and successful SMEs, continued growth and employment simply cannot be maintained.”

Entrepreneurial Nation: A Fair Deal for UK Businesses in full:

1. Pay a fair share

Large multi-national businesses must pay their fair share of taxes.  Leaving smaller business to prop-up the economy is just not fair.

2. Low tax commitment

The future government must commit to continued low taxes on profit and income for both companies and individuals.  This must include revisiting capital gains tax and inheritance tax.

3. Super fast broadband for all businesses

Too many businesses – particularly those outside of large urban areas – continue to be held back by slow broadband.  This should be a priority for government.

4. Reduce the interference of the EU in all things business

Quite simply, the EU whilst providing access to our largest market place, adds unnecessary cost and administrative burdens on business.  This must be rebalanced.

5. Remove VAT on business-to-business transactions

VAT is a circular cost on business-to-business transactions, adding time and expense for businesses and HMRC.  The regime should be greatly simplified with VAT charged to end-users only and to those unable to reclaim VAT back.

6. Merge National Insurance and PAYE

The distinction between PAYE and National Insurance is increasingly blurred, unnecessary and should be merged.

7. HMRC and customer service

HMRC must strive to become more user-friendly.  Nominated account managers should be introduced.

8. Proper access to funding

Access to finance is always a rallying cry of business.  The government backed Business Bank is a lending body and welcomed, but an equity-backed replacement is long overdue.

9. Education, Education, Education

Entrepreneurship must be taught in schools.

10. Increase Entrepreneurs relief lifetime limits  

Entrepreneurs who work hard throughout their lives should benefit when they sell their business or retire.  The government should reaffirm its commitment to Entrepreneurs relief and increase it.

A full copy of the manifesto document is here.