The ICAEW and the Forum of Private Business (FPB) have both published election manifestos, urging politicians not to overlook the needs of businesses and calling for a simplified tax regime and export incentives to encourage SMEs to expand overseas
The ICAEW wants the next Chancellor to commit to a moratorium on extending the tax code, stating in its manifesto that ‘real tax simplification must include adopting a “one in, one out” approach to all tax legislation and fully implementing the Tax Consultation Framework. Finally, to provide the service that UK citizens and businesses deserve, HMRC must agree to minimum service standards with independent oversight’.
On general business issues, it is calling on any future government to ‘chart a course towards sustainable prosperity’, and would like to see the creation of new export incentives and the introduction of a CFO at the Cabinet table to ensure sound financial management.
There should be a ‘single set of top-line principles for company behaviour’, with independent oversight to ensure these are maintained. ICAEW says this is the only way business can demonstrate its value to society, and maintains that the existing corporate governance framework has become merely ‘a box-ticking exercise’, with boards failing to respond effectively to legitimate public concerns over issues such as tax avoidance.
The FPB’s manifesto for small business also highlights the need for sustainable business growth, and calls for a future government to offer better finance for business, cut the cost of compliance, and reduce the cost of doing business.
Its short-term proposals for the next two years include amendments to current legislation to transpose the EU Directive on late payments; the removal of the Health and Safety Executive’s Fee for Intervention policy; and a freeze on business rates in the first year and cap at 2% for the remainder of the Parliament.
Longer-term, the FPB wants a future government to set up an advisory board for the Prompt Payment Code and introduce a robust monitoring system; ensure the Low Pay Commission gives a two-year National Minimum Wage recommendation to government; and consider excluding small businesses from business rates altogether.
Phil Orford, FPB chief executive, said: ‘The three largest Westminster parties have all positioned themselves as small business champions, and were they to take on board the policies our members have highlighted it would mark an important step in this direction.
‘Small businesses will continue to be the engine room of growth and through providing the right mix of freedom, intervention and support, we can build on the recovery and ensure sustainable growth for the UK economy.’
