To support SME’s we urge government to:
- Raise the threshold for registration for VAT to 150k pa from its current 85k.
- Employees should automatically opt in for work place pensions to reduce needless admin.
- Free up to 1.2 Million SMEs from paying Corporation Tax rate (over 80% of companies) by lifting the minimum threshold to £100,000. (Raise rate from 19% to 20%)
- For startups, the party would create a new “startup allowance” to help those businesses specifically with their “living costs”, and would also support fast-growing businesses seeking to scale up.
- Work with major banks to fund the creation of a local banking sector (regional mutual banks), dedicated to meeting the needs of local small and medium-sized businesses. In addition, expand the British Business Bank to perform a more central role in the economy, to ensure that viable small and medium-sized businesses have access to capital. (At least one regional mutual bank in every region i.e. Cornwall)
If you have ideas on how to promote small businesses, please a mail us at firstname.lastname@example.org