The 2016 Small Business Conferences were held in London & Nottingham last week, and a small snippet of highlights regarding SMEs have been released by the AIA.
The outcome of the 2016 SME highlights have shown very little changes from 2016 even though the UK Government announced a number of SME-friendly measures in the 2016 Budget. The measures include over half a million small companies no longer having to pay the standard business rates from the financial year 2017 onwards; while 250,000 will have a lower rate imposed. Moreover, corporation tax will be cut to 17% by the financial year 2020. These are all positive moves for small businesses; however companies are yet to experience any benefits from these changes.
Establishing new business and managing their income are recurrent problems for SMEs, as well as the increasing cost of staying compliant with the new legislation.
The highlights made it clear for the continued requirement to reduce the “red tape” in place for small businesses and to simplify employment law as well as health & safety requirements, including the current tax system. The Uk’s exit from the European Union could present an opportunity for government to exempt UK companies from certain aspects of employment legislation.