New Government is an opportunity to sow the seed of small business growth
Following what’s been described as a “landslide” victory for Labour in the General Election on 4 July, FSB said that the clear result gives hope that political stability can lead to economic stability and recovery, adding that the first 100 days of this new administration is an opportunity to sow the seeds of small business growth. FSB has already put forward specific suggestions that would help to make that happen, including measures to ease the cost of doing business and to support investment and expansion, to tackle poor payment practices by big businesses, and reforming the not-fit-for-purpose business rates system. FSB said that the upcoming King’s Speech should include a Small Business Bill to enshrine in legislation much-needed changes to better support small firms and the self-employed. Tina McKenzie, policy chair at FSB, said: “Congratulations to Prime Minister Sir Keir Starmer. We’re looking forward to getting down to business and working in partnership with the new Government ministers and their teams – building on how we’ve engaged constructively with them in Opposition. This will ensure that the small business voice is heard clearly, and the right actions can be taken to support existing entrepreneurs and encourage new ones.”
Net zero transition funding for small businesses
FSB met with Bankers for Net Zero and the Transition Finance Markets Review to discuss how small businesses could have sufficient access to finance and transition funding for their journeys to net zero, the opportunities and barriers to carbon accounting, and what big businesses can do to support SMEs in this area.
Small Business Index Q2 survey
The FSB Small Business Index survey for Q2 2024 is open until 10 July. This quarterly survey assesses the current sentiment of small businesses across the UK. The results are used to develop policy recommendations for the Government and other key decision-makers. Taking part helps FSB to drive important changes that matter most to SMEs. The survey only takes a few minutes to complete and is open to all small business owners.
CE Mark extension made indefinite
Businesses in the UK can continue using the European Union’s (EU) CE mark indefinitely for many products sold in Great Britain (GB). The mark was originally due to be replaced by the new UKCA mark in GB in 2020, however, it has now been announced that businesses may use the UKCA or CE mark for certain products sold in Great Britain, however, The EU CE mark must be used for products that are marketed and sold in the EU. More guidance is available on the Gov.uk website.
Self-assessment tax returns
Self-employed people can file an early self-assessment tax return for the 2023-24 tax year, ahead of the January 2025 deadline. By filing early, HMRC says that there will be more time to seek advice and greater flexibility in the choice of payment plans, making it easier to budget. All self-assessment returns can be completed online and are mandatory if you’re self-employed, have a total taxable income of more than £100,000, or need to pay the High Income Child Benefit Charge.
Employing seasonal staff
Small businesses that employ temporary staff during the summer period should check that they’re fully compliant with their legal duties regarding workplace pensions automatic enrolment. The Pensions Regulator has updated its guidance for employers on enrolling seasonal and temporary workers.
Controversial bus gates challenged
FSB Scotland met with Aberdeen City Council to raise concerns about the impact of controversial bus gates on small businesses in the city centre. The bus gates were introduced last year as part of plans designed to make the city centre more pedestrian-friendly but have been blamed for a significant drop in footfall. Some FSB members told councillors their income has dropped by an average of 20 per cent since their introduction. FSB urged Aberdeen City Council to work with small businesses on practical steps to support them, such as the reopening of two of the four new bus gates to the public, which would help to improve traffic flow and increase access to local businesses.
Employment consultation for small businesses in Northern Ireland
Northern Ireland’s economy minister, Conor Murphy MLA, invited small business employers in Northern Ireland to take part in a consultation on proposals for a ‘Good Jobs’ Employment Rights Bill which will seek to reform employment legislation in Northern Ireland. Some of the proposals could see the banning of zero hours contracts and the reforming of trade union law. The consultation closes on 30 September and employers can respond online, or download consultation papers at The Good Jobs Employment Rights Bill.
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Copyright: Federation of Small Businesses (FSB Westminster) 2024. All rights reserved.