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Posted: Fri 20th Sep 2024
Ahead of the new Labour government's first Budget on 30 October, we have shared Enterprise Nation's small business recommendations with the Treasury. The proposals focus on pressing issues for our 100,000+ members.
You can read Enterprise Nation's full submission to the Treasury here, with a summary of our recommendations below:
Establish a target, of at least 33%, on the amount of government procurement contracts that are awarded to small businesses. Additionally, implement comprehensive support programmes to empower small businesses to effectively participate in government procurement processes, ensuring compliance with The Procurement Act.
Ensure UK Export Finance (UKEF) is sufficiently resourced to meet its target of supporting 1,000 SMEs per year by 2029.
Trial an Export Tax Credit or Export Vouchers to incentivise exporting among small businesses
Reward businesses for adopting technology with new financial support modelled on Singapore's Go Digital and South Korea's Digital New Deal programmes.
Offer targeted tax incentives, and time-limited subsidies, to support businesses with the cost of adopting AI and technology.
Invest in new training programmes and support designed to introduce small business owners to emerging technology, and to ease their concerns where legal reasons are stopping them from using the tech effectively.
To help increase AI adoption, launch campaigns to promote the benefits of using AI for small business owners.
Co-fund the delivery of the 'Tech Hub', which has been launched to take on the work of Help to Grow Digital, and has supported more than 35,000 founders since launching in October 2023.
Prioritise the nationwide adoption of eInvoicing to boost UK's digital economy.
To protect the UK's vibrant start-up ecosystem, and encourage investment in small businesses, refrain from increasing the Capital Gains Tax.
Commit to the continuation of the Shared Prosperity Fund.
Build on recent progress to stamp out late payments by mandating 30-day terms to larger firms procuring from smaller ones.
Expand the Making Tax Digital scheme to include companies with a turnover of less than £20,000 per annum.
Continue the delivery of existing mentoring business support programmes.
Build a talent engine for growth by co-funding a collaborative Talent Hub for small businesses.
Improve existing support programmes to help older workers transition from unemployment into self-employment.
Conduct a review on the feasibility of small business tax incentives to upskill their workforce.
Consult small businesses on the government's plans to scrap and replace business rates.
If the business rates system is not immediately replaced, empower local authorities to have more responsibility over business rates reliefs and exemptions for small businesses, coworking spaces and charities.
Introduce a levy on commercial-to-residential transfers to discourage tax motivated shifts from commercial to residential property.
Retain local authorities' powers to take over empty shops and reopen them, empowering small businesses and revitalising Britain's high streets.
Enterprise Nation will be providing full coverage of Budget 2024 on 30 October, including a panel of business owners and experts reacting live to the speech, and a round-up of what the announcements mean for small businesses.
Sign up to the Enterprise Nation newsletter to stay updated on the coverage.
