Business rates, corporate tax and regulation compliance are all contentious issues for SMEs.
Through lobbying via British Chambers of Commerce, we have seen corporate tax reduce from 28 per cent to 23 per cent over recent years. This has been good news, and we know many businesses and business associations would like this to reduce by a further three per cent over coming years as the British economy revives and looks for new export and national markets.
Business rates still remain a contentious issue. Discussions regarding this are ongoing with our local authorities who are very aware that keener property rateable values encourages business investment. It is good to be part of a county where all of the town councils are very eager to develop their business potential, to secure inward investment and employment opportunities to their towns, boroughs and districts.
Most companies agree sensible regulation is necessary and useful – guaranteeing security, safety and a level playing field. However, weak, badly constructed regulation can sabotage growth and innovation through time-consuming compliance.
By voicing our members’ difficulty with onerous, irrelevant or damaging regulation through our relationship with our national Chamber and with our own local Members of Parliament, we can often negotiate an improvement.