Category: Finance for Contractors

The Conservative-Liberal Democrat coalition government must outline robust plans for reducing the deficit, small businesses, including contractor umbrella companies, have said.

In a survey by the Federation of Small Businesses (FSB) and research group ICM, two-thirds of businesses questioned suggested a cut in fuel duty to help growth and a third called for an increase in the personal tax threshold.

Furthermore, 41 per cent said the extension to the Time to Pay scheme would have a positive impact on business prospects and nearly half said legislation on payment of invoices would provide a boost.

Small firms are keen to see how the new government will tackle the deficit while ensuring businesses can grow, said John Walker, national chairman of the FSB.

"We urge the government not to place further taxation burdens on small businesses at a time when the recovery is fragile and would like to see measures announced which will promote business growth and encourage employment," he added.

An emergency budget has been planned for June 22nd, with new chancellor George Osborne set to address a range of issues affecting freelance contractors.

Posted by Sarah Putt