FSB urges Chancellor to use Budget to ‘reduce cost burdens for small businesses’
The Federation of Small Businesses (FSB) has urged Chancellor Philip Hammond to use the upcoming Budget to ‘reduce cost burdens for small businesses’.
Within its Budget wishlist, the FSB has proposed the creation of a £1,000 ‘business rates discount’ for small shops, cafes and pubs, in order to help them to continue trading. It has also called for additional support for the self-employed, and has recommended the implementation of a statutory Adoption Allowance.
In addition, the FSB warned against changes to the Dividend Allowance, VAT and Insurance Premium Tax (IPT) amid ‘spiralling’ compliance and employment costs for small firms.
Concerns have also been raised by the business group in regard to the potential extension of IR35 public sector rule changes to the private sector, with the FSB warning that it is ‘impossible to accurately predict the impact’ of this move.
Commenting on the wishlist, Mike Cherry, National Chairman of the FSB, said: ‘Warm words from the government are welcome, but they need to translate into action.
‘With our small retailers trying to keep their heads above water – and the self-employed community left demoralised by the failure to end Class 2 national insurance contributions (NICs) – this is the Chancellor’s opportunity to show he really does back business.’
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