By Daniel Hunter
Leading research and development tax specialists, Alma Consulting Group, has urged Chancellor George Osborne to use next week’s Autumn Statement to offer a much-needed spark for small to medium sized enterprises (SMEs).
The company, which helps businesses boost their bottom line through innovative funding, has called for schemes that will support growing and innovative businesses to be on the cards next week.
The move comes ahead of the Autumn Statement on December 5, when Mr Osborne will provide an update on the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.
“We’ve recently heard calls from high profile individuals and organisations for investment and support from the Government that will specifically benefit the country’s small and medium-sized enterprises," Martin Hook, Sales and Marketing Director, said.
"These include a £1.5 billion investment package for schemes that will reduce tax liabilities and increase capital allowances for SMEs that has proposed by the CBI.
“A £1billion time-limited capital allowance, which has been proposed by The British Chambers of Commerce, will also ‘kick start’ SMEs into spending cash and investing in business growth.
“Viewed alongside the impending introduction of the Patent Box legislation next year, the implementation of these types of schemes will offer a much-needed helping hand to the UK’s current fledgling businesses and is undoubtedly, a move that is to be welcomed.”
With the level of corporation tax being paid by multi-national companies in the UK being called into question in recent weeks, Alma is hoping that the new General Anti-Abuse Rule (GAAR) will work to help businesses rather than stifle them.
“With public pressure stemming from recent revelations, we would expect the Government to address this situation in next week’s Autumn Statement," Mr Hook added.
“Whilst the GAAR could be a key piece of legislation aimed at resolving this, it will need to work positively for businesses without harming their growth. If it is implemented correctly, the GAAR could be a positive framework to work within as it will make sure any reductions in tax liability are legitimate.”
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