FSB urges Chancellor to 'deliver on low tax pledge' at Spring Statement
16 Mar 2022
The Federation of Small Businesses (FSB) has called on Chancellor Rishi Sunak to deliver on the government's low tax pledge at the Spring Statement on 23 March.
In its recently published Spring Statement submission, the business group recommended increasing the Employment Allowance to £5,000; increasing the rateable value ceiling for Small Business Rates Relief (SBRR) to £25,000; and simplifying the R&D tax credit system to make it 'more accessible for small businesses'.
The FSB also urged the Chancellor to deliver on pledges to end the UK's poor payment culture and allocate energy costs via the council tax system to micro businesses through the business rates system.
Martin McTague, National Chair of the FSB, said: 'The Chancellor has a choice: plough on with damaging tax hikes or take steps to protect the most fragile and empower small firms to deliver his 'culture of enterprise' vision.
'He rightly talks about the need to invest in capital, people and ideas. However, that investment cannot happen so long as surging operating costs are depleting cash reserves and disposable incomes.'