Importance of SMEs to the UK economy

Hart Shaw Business Recovery Services has welcomed measures introduced in the Chancellor’s 2015 and that he acknowledged the importance of SMEs to the UK economy.

In his last budget of this parliament George Osborne recognised the importance of SMEs to the UK economy and the tocontributions made by micro-businesses, specifically in relation to the UK’s wealth and in helpgin to reduce the number of unemployed.

SMEs make up around 99 per cent of Britain’s private sector businesses and it was noted by the Chancellor that unemployment is continually decreasing, which is set to fall from 5.7% to 5.3% by the end of 2015. This is lower than the forecase from the Office for Budget Responsibility (OBR) forecast issued last December, which stated that 5.4%

Christopher Brown, insolvency practitionar and partner of Hart Shaw Business Recovery Services, said: “I am encouraged that SMEs and the self-employed have been recognised for their efforts in supporting the growing economy and creating jobs. Taking the ‘Google Tax’ forward will help level the playing field: sensible reform of business rates (if it happens) would be a further helpful step. Closing tax loopholes used by very few and focussing help on the majority of businesses which just get on with their business and pay their tax is the right priority.

“We also like the commitment to keep the Investment Allowance above £25,000 but would have preferred to have seen a definite commitment to an actual figure. Irrespective of the details of specific budgets, we always suggest that SMEs, start-ups and the self-employed should seek professional advice with regard to their finance and tax matters to ensure that they can continue to play a part in the UK’s on-going recovery.”

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