SME Export Taskforce sets out ways to increase international trade
The Federation of Small Businesses (FSB) launched a new SME Export Taskforce report this week, which sets five key ways the Government can encourage more small firms to start trading internationally. Jonny Reynolds MP chose FSB to produce this while he was Shadow Business Secretary, and it features insights from big companies and trading associations. The paper highlighted that only 10 per cent of SMEs currently trade internationally and that the current rules are “confusing and unhelpful.” The paper called for trade to be a priority across all Government departments, greater transparency, for the UK to lead the way in digital trade, strong support from day one, and better access to finance. FSB Policy and Advocacy Chair Tina McKenzie said: “This taskforce is more important than ever. Cutting out the red tape is a number one priority.” She also set out how the taskforce recommendations can unleash the export potential of small firms in an article in The Times.
UK joins World Trade Organisation’s e-commerce initiative
FSB welcomed the announcement that the UK will join the World Trade Organisation’s (WTO) E-Commerce Joint Initiative, along with 90 other WTO members. The announcement builds on previous work from the Government, answering FSB’s campaign to streamline documentation for small businesses that trade internationally by replacing physical paperwork with electronic documentation. Simplifying trade documentation could significantly increase the number of small firms that export goods. According to FSB’s Customs Clearance report, 56 per cent of small firms that no longer trade internationally said that excessive paperwork was a deciding factor.
FCA’s cash access plans “miss half the picture”
FSB said that the Financial Conduct Authority’s (FCA) new regulations to combat the loss of cash infrastructure in the UK, don’t go far enough in restoring cash access to communities. FSB’s National Chair Martin McTague said that the FCA’s new rules fall short when it comes to action to replace cash infrastructure that has already been lost through bank and ATM closures: "Small businesses’ needs must be a priority – if local firms don’t have practical ways to handle the cash they get from payments, fewer of them will be able to offer cash as a form of payment in the first place.”
Counting coppers
The Daily Mail reported that the Royal Mint has not been asked by the Treasury to produce any 1p or 2p coins this year. Speaking to the paper, FSB’s chief of external affairs, Craig Beaumont, said that with annual inflation over time, there would naturally come a time when copper coins would be phased out, just like the halfpenny which exited circulation in 1984. However, the decision should be “made in response to consumers’ demand and use, not removing choice from them”, and keeping payment options is crucial for competitive pressure to keep card fees down.
New skills body must keep small firms central
Small firms welcomed the Government’s new skills coordination body, Skills England, which launched this week, saying that it must keep small firms central to its way of thinking. Tina McKenzie, FSB’s policy chair, said: “There’s great potential for improvements to growth and productivity if the entire workforce can be equipped with the right skills. More co-ordination is welcome, but delivery is what counts.” FSB is continuing to campaign for the formal adoption of the current levels of co-investment in apprenticeships by the Government, and a complete overhaul of apprenticeships curriculum design which has been such a significant factor in apprenticeship decline.
Self-assessment payment on account deadline approaches
The second annual tax payment on account is due by midnight on 31 July for most people paying a self-assessment tax bill for 2022-2023. Payments on account are advanced payments towards a person's tax bill and are usually made in two instalments throughout the year, each payment being equivalent to half of a person’s previous year’s tax bill, plus a final balancing payment, if necessary. More information on balancing payments, and how they’re calculated can be found on the gov.uk website.
Good Business Charter accreditation for small businesses
More than a thousand small businesses have already become accredited to the Good Business Charter (GBC). The GBC is a benchmark for responsible business practices across the UK. An initiative from the Good Work Foundation, FSB worked with the Foundation to develop a version of the charter accreditation specifically for small businesses. Accreditation can demonstrate commitment to people and the planet, attract customers with shared values, and is quick and simple to apply for. Your application can be completed online and requires you to answer a series of questions based on your individual business and the GBC’s ten components. Apply here.
More must be done to support small tourism businesses in Wales
FSB responded to new figures published in the Wales Visitor Economy Profile, calling on the Welsh Government to introduce further measures to support the industry and encourage growth, including improving the transport infrastructure and restoring the 75 per cent Business Rates Relief for leisure, retail, and hospitality sectors – in line with business rates relief in England. FSB’s policy chair for Wales, Ben Francis, said: "Small businesses play a key role in welcoming visitors to Wales, from accommodation providers to experience operators, restaurants to craft shops. With visitor spend yet to return to pre-pandemic levels, more must be done to support the sector and attract visitors to Wales.”
Farm Safety Week
Farm Safety Week (22-26 July) is a campaign by the Yellow Wellies charity to promote safer farming practices. New figures released this week by the HSE show that farming continues to have the poorest safety record of any occupation. This year’s Farm Safety Week is an opportunity for a reset of the way farm safety and risk-taking is approached. Sue Thompson at the HSE said: “Farmers are rightly proud of a reputation of being able to fix anything on the farm; machinery, fencing, equipment, anything. The challenge now is whether farmers can fix the industry’s broken health and safety record.”
Intellectual property guidance for small firms
The intellectual Property Office (IPO) launched a new Standard Essential Patent (SEP) resource hub to help small firms navigate the complexities of SEPs and gain a better understanding of their use. The guidance is split into four sections: technical standards, licensing, dispute resolution and remedies and terminology and international signposting. Small businesses can provide feedback on the resource hub directly to the IPO.
FSB sets out priorities for Scottish Government
FSB Scotland inputted to the Scottish Government’s programme for government for the coming year. FSB reiterated calls for several specific steps to achieve greater economic growth, including introducing statutory targets for public procurement with small and micro businesses and reintroducing specific business rates relief for retail, hospitality, and leisure businesses, comparable to that seen in England.
Telecoms: New consumer protection rules announced
Customers must be told upfront in pounds and pence about any price rises their provider includes in their contract, under new consumer protection rules announced by the communications regulator Ofcom. In recent years, many major UK phone, broadband, and pay TV companies have changed their contract terms to include price rises linked to future inflation rates. Ofcom said this leaves customers without sufficient certainty and clarity about the prices they will pay, and unfairly assumes the risk and burden of financial uncertainty from inflation, which people cannot predict and do not understand well. The regulator has now decided to ban this practice.
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