The Forum for Private Business (FPB) claims that the recent performance of the UK’s economy suggests that we have lost our entrepreneurial edge as a country in which smaller businesses can survive and thrive.

The FPB would directly attribute improvements in the areas below to a successful economy. It says that it is important that the Chancellor recognises these proposals if the Government is to build an enterprise society in which small firms of all kinds thrive and achieve their potential.
The FPB’s Budget wishlist for the Chancellor calls for:

• Action to amend the Low Value Consignment Relief (LVCR) offshore VAT loophole


• The combination of VAT and Company Tax inspections to follow those recommendations already presented in the O’Donnell Review.


• Control of the simplification agenda


• Further education to focus on the needs of businesses


• More influence for smaller businesses within skills initiatives


• The integration of National Insurance with income tax for schedule E taxpayers


• The introduction a more efficient VAT registration process


• A link between the National Minimum Wage and the Retail Price Index


• The re-introduction the nil rate starting band on Corporation Tax for the first £10,000 of profits


• The reintroduction of tax exemption on computers for employees


• A percentage of public procurement contracts to be set aside for smaller businesses.


• Priorities to be set for the Small Business Service.

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Susie Hughes
The Editor © Hardhatter 2007