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Small Business Champion Calls for Improvements Ahead of Christmas Trading Period

A small business champion has called for a raft of improvements to help small firms on the run up to the crucial Christmas trading period. The Federation of Small Businesses (FSB) based in Blackpool has published its Christmas wish list, focusing on consumer-facing hospitality, leisure, and retail businesses that are currently experiencing the ongoing cost-of-living crisis.

The FSB’s latest Small Business Index (SBI) revealed that small firms in the retail and accommodation and food sectors have significantly lower confidence readings than businesses from all sectors. The second quarter of 2023 reported -38 points and -36 points for these sectors respectively, compared to an all-sector finding of -14 points. With 119 days left until Christmas, the FSB’s wish list includes the following:

• High streets must be easily accessible, with available parking, and increasing park and ride. Local transport must be reliable, affordable, and well connected ÔÇô the Government must ensure fair allocation of its Pothole Fund.
• Raising the VAT threshold from ┬ú85,000 to ┬ú100,000 could potentially boost growth across the economy. Many firms currently halt trading near the end of the tax year to avoid surpassing the current threshold and incurring additional costs.
• The Small Business Rates Relief threshold should be increased to ┬ú25,000 in order to remove 200,000 small firms from the rates system.
• Energy costs should be reduced to allow small firms the ability to negotiate lower, wholesale prices. Energy firms should adopt the FSB’s proposal to allow small firms to ‘blend and extend’ their contracts, which would help them take advantage of lower energy prices. Lower energy bills will allow firms to keep their prices low for consumers.
• Reinstating tax free shopping for international visitors could result in an increased GDP of ┬ú4 billion through increased retail and tourism, as well as secondary spending and support for small producers, while also signalling that the UK is open for business.

FSB national chair, Martin McTague, emphasized the importance of taking steps to regain confidence in small businesses before the festive season. He highlighted that the UK traditionally attracts large numbers of international visitors during winter, who contribute significantly to the economy through their spending on Christmas gifts, exploration of yuletide markets, and indulgence in classic roast dinners.

McTague also stressed the need to ease the cost of doing business for small firms to help reduce prices as people across the country start their Christmas shopping or plan work parties. These small businesses have already faced numerous challenges this year, including rising interest rates, high inflation, and the burden of energy costs. Therefore, implementing improvements now would make a significant difference and end the year on a positive note.

How AI legalese decoder Can Help

The AI legalese decoder can assist small businesses in understanding legal and regulatory requirements related to their Christmas operations. With the complexity of laws and regulations, it can be challenging for small firms to navigate potential liabilities and compliance risks. The AI legalese decoder uses artificial intelligence technology to analyze legal documents, contracts, and regulations, providing small businesses with accurate and easily digestible information.

For example, the Decoder can help small businesses analyze the implications of raising the VAT threshold from £85,000 to £100,000. By decoding the legal language, the AI system can provide a comprehensive understanding of the potential impact on small businesses, including any legal obligations and how it may influence their operations and costs.

Additionally, the Decoder can help small businesses understand the criteria and process for increasing the Small Business Rates Relief threshold to £25,000. It can decode the complex legal terms and requirements, ensuring small firms have a clear grasp of the steps necessary to qualify for relief and remove themselves from the rates system.

Furthermore, the AI legalese decoder can analyze energy contracts and regulations to help small firms understand the benefits of the FSB’s proposal to ‘blend and extend’ their contracts. By decoding the legal jargon, the AI system can provide small businesses with insights into the potential cost savings of negotiating lower, wholesale energy prices and how to take advantage of such opportunities.

In summary, the AI legalese decoder is a valuable tool for small businesses looking to navigate legal complexities, understand regulatory changes, and ensure compliance during the crucial Christmas trading period. By providing accessible and accurate legal information, the Decoder empowers small firms to make informed decisions and focus on their core business operations.

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