18 March 2015
Press ReleasesBudget 2015 commentary from Thames Valley accountants and business advisers James Cowper Kreston.
George Osborne has today delivered his sixth and final Budget – it was a Budget, says accountants and business advisers James Cowper Kreston, that had little to give away and yet was full of promises.
It was also a Budget that reflected the concerns and wishes of Thames Valley businesses.
In January and February this year James Cowper Kreston asked some 7,000 businesses what they would like the next government to do to help them. The results were published this week in its own manifesto – Entrepreneurial Nation: A Fair Deal for UK Businesses.
A copy of Entrepreneurial Nation: A Fair Deal for UK Businesses has been sent to all MPs and candidates in the Thames Valley, and to Prime Minister David Cameron.
Peter Whalley, a partner at James Cowper Kreston said: “Businesses told us they wanted government to ensure that large international businesses pay their fair share of tax. So does George Osborne.
“Businesses also told us they want the future government to commit to a low tax environment. So does George Osborne. Our manifesto also calls for super fast broadband for rural businesses – and so does George Osborne.”
James Cowper Kreston Entrepreneurial Nation: A Fair Deal for UK Businesses also called for simplification of National Insurance and a more customer focused HMRC.
“George Osborne has listened to us, our clients and businesses and agreed with us. All were delivered,” adds Peter.
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.
