MPs want more government help for small businesses

As the federal government prepares to launch a brand new £3bn a 12 months mortgage scheme for small and medium-sized companies this week, a brand new survey of MPs commissioned by AAT (Affiliation of Accounting Technicians) reveals that just about two-thirds of these surveyed need extra assist for SMEs to deal with the continuing price of dwelling disaster.

When requested if the federal government ought to ‘present new and focused help to the 5m small companies who’re the lifeblood of the British economic system and are dealing with unprecedented monetary pressures’, greater than half (52%) of MPs agreed, with a further 13% stating that they ‘strongly agreed’. 22% neither agreed or disagreed, 7% disagreed and 6% answered ‘don’t know’.

Phil Corridor, Head of Public Affairs & Public Coverage, AAT, stated: “The £15bn price of dwelling assist package deal introduced by the Chancellor in Could was welcomed by many however had a evident omission – there was no assist in any respect for small companies. With a recession on the horizon, firm insolvencies rising dramatically and small and medium-sized companies throughout the UK struggling, it’s important that the federal government supplies some extra help for SMEs. It’s nice that just about two thirds of MPs agree however we want this recognition to translate into motion – and shortly.”

Moreover, latest AAT analysis printed final month confirmed that small companies themselves would additionally welcome extra, rapid assist from the federal government. When requested which insurance policies would assist their small enterprise now, many small enterprise homeowners favoured rapid assist in the type of decrease Nationwide Insurance coverage contributions, decrease Company Tax and wider availability of money grants.

AAT Licensed Accountants proceed to assist over 600,000 people and SMEs by working to make sure they obtain the right amount of tax reliefs and exemptions, that they’re conscious of HMRC’s versatile Time to Pay preparations and numerous different types of help and by providing different basic enterprise and tax recommendation wherever attainable.