Whose Box Will You Tick?

May 4, 2015 by Andy Crow

Whose Box will you tick?

On Thursday it is time for us to vote for who will be running our country for the next 5 years. The opinion polls are indicating that there won’t be an outright winner meaning another coalition is likely. I have put together 4 key points from each of the major party manifestos that will affect small businesses. Have a read and see how they may affect you.

Conservative

1. Conduct a comprehensive review of business rates (this started in February)
2. Treble the Start Up Loans programme during the next Parliament, so that 75,000 entrepreneurs get the chance to borrow money to set up their own business
3. Launch Help to Grow, which hopes to create £1bn in loans for high-growth businesses by providing government guarantees to banks
4. Raise the target for small business share of central government procurement to one-third

Labour

1. Address rising costs for small businesses and strengthen rules on late payment
2. Cut, and then freeze business rates for over 1.5m smaller business properties
3. Increase the National Minimum Wage to more than £8 an hour by October 2019.
4. Ban exploitative zero-hours contracts

The Liberal Democrats

1. Provide support to small businesses through a one-stop-shop for accessing government support, a dedicated unit in HMRC and the development of management skills.
2. Expand the British Business Bank to providing equity capital for growing firms and long-term capital for medium-sized businesses
3. Encourage the growth of crowdfunding and alternative finance models
4. Introduce Land Value Tax, replacing Business Rates in the longer term.

UKIP

1. Businesses with one property and a rateable value of less than £50,000 will receive 20% rate relief.
2. Introduce a scheme whereby small businesses will provide evidence of repeated late payments to HM Revenue and Customs. Large companies found to be systematically exceeding its contractual terms will be subject to large fines.
3. Encourage local authorities to offer at least 30 minutes free parking in town centres, high streets and shopping parades boosting local business
4. Repeal EU regulations and directives that stifle business growth

SNP

1. Ensure small businesses are paid on time by pushing for prompt payment measures to be put into law
2. Seek a funding boost for house building from the UK government
3. Seek additional investment to support a more rapid rollout of superfast broadband
4. Make the case for a targeted approach to business taxation, with targeted changes in tax allowances

The Green Party

1. Ensure that legislation requiring that small businesses should be paid on time is properly enforced
2. Improve the competitive position of small firms, maintaining corporation tax for small firms at 20% while raising that for larger firms to 30%
3. Increase access to finance by investing £2bn in a network of community banks.
4. Keep trade local by allowing local authorities to favour local procurement to help their local economy

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