Digital Tax System and Tax Simplification
“A significant amount has already been achieved by the Chancellor and the Office of Tax Simplification (OTS), and E2Exchange is pleased that the Chancellor will be introducing the digital tax system which will give the self-employed far better control over their tax payments and cash flow. However, we would have liked to have seen this extended to small business with more initiatives to further simplify the tax system for companies as it makes it increasingly hard for businesses of all sizes to understand and forecast their tax liability to enable them to remain competitive, expand and more importantly create wealth and jobs.
Calls for Improved SME Funding Access
E2Exchange would also like to have seen the issue funding better addressed, particularly around access to information to help SMEs gain a better understanding of what financing is most suitable for their business. The extension to the Enterprise Zones is also welcome, but we would like to see London start-ups better supported given the number that are trying to become established in and around the capital.
Shalini Khemka
Tackling the Issue of Late Payments
Meanwhile, late payments remains an important issue and we would like to have seen more support for SMEs through the enforcement of stronger penalties for late payments, particularly from larger businesses and to name and shame those who fail to pay their suppliers on time. To mitigate the cash flow issues resulting from late payments, we would like to see the introduction of a low interest rate working capital funding scheme which will provide much needed relief for SMEs squeezed by their customers.
E2Exchange’s Overall Assessment of the Budget
Overall, E2E views the Budget as being a good step in the right direction towards addressing some of the general business issues facing the UK but we will hope for more measures that will directly benefit SMEs and growing businesses in the next budget.”
