The FSB hopes that the next government will make it harder for HM Revenue and Customs to shut down SMEs; a move that will no doubt delight limited company contractors and sole traders.
John Walker, the chairman of the Federation of Small Businesses said that the new government should look for ways to help small enterprises stay in business.
He thinks there are various ways to achieve this such as making HMRC show leniency towards SMEs who make late tax payments and providing better access to credit and affordable finance.
There are currently more than 160,000 businesses facing critical financial difficulties according to the latest Red Flag report from Begbies Traynor. The rescue recovery specialist recently carried out a study and discovered that these businesses owe more than £55 billion to their creditors and suppliers.
As well as providing a more flexible approach in it’s treatment of SMEs, contractors will no doubt be hoping that the next government will undertake an immediate and comprehensive review of the UK tax system, with a particular emphasis on IR35 and Family Business Tax.
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