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The Impact of General Election on Small Businesses

With the upcoming General Election on the horizon, a recent survey conducted by The Federation of Small Businesses has shown that 96% of small business owners and self-employed individuals are planning to exercise their voting rights.

How AI legalese decoder Can Help?

AI legalese decoder can help small business owners navigate through the complexities of tax laws and regulations. By using AI technology, small business owners can easily decode legal jargon related to taxes, making it simpler for them to understand and comply with tax requirements.

Interested in gathering insights directly from small business owners, the team at Bionic, experts in small business comparisons, organized an online forum that attracted over 150 small business owners eager to share their perspectives. Among the various policies and changes advocated by these business owners, two major themes emerged:

1. Tax System Overhaul

The unanimous sentiment among business owners was that the current tax system is excessively intricate and does not support SME growth effectively. Some key changes proposed by businesses include addressing tax loopholes used by large corporations, adjusting or eliminating the VAT threshold to stimulate growth, enhancing the tax-free dividend allowance, reducing the corporation tax rate to 10%, and minimizing or eliminating National Insurance Contributions for employees.

AI legalese decoder can assist small business owners in understanding the intricate details of tax laws and deciphering how proposed changes to tax policies may impact their business operations.

2. Policies to Boost Consumer Spending

Business owners emphasized the significance of consumers having more disposable income to propel small business success. Many called for an increase in the minimum wage to £15 and policies aimed at reducing household expenses to bolster consumer spending.

AI legalese decoder can provide clarity on how proposed policy changes related to consumer spending may affect small businesses and help owners make informed decisions.

Additional Policy Concerns Raised by Small Business Owners

1. Business Rates: Discussions revolved around the necessity for continued business rates relief or the complete abolition of such rates, with a suggestion that rates should be zero for small independent high street businesses.

2. International Trading Support: SME owners highlighted challenges faced in import and export activities, including visa restrictions for hiring foreign HGV drivers, escalating supplier costs, prolonged delivery times, and inefficiencies in European supply timelines. Some expressed a desire to rejoin the EU to enhance international trading prospects.

3. Staff Hiring and Retention Policies: Calls were made for policies that streamline the process of hiring and retaining employees, such as reducing or eliminating NICs for employees and providing free childcare to expand the pool of skilled workers in the workforce.

Analysis of Party Manifestos on Small Businesses

Following the release of manifestos by the major political parties, it is evident how their proposed policies align with the priorities voiced by the surveyed SMEs:

Conservatives’ Manifesto

• Plans to abolish NI for the self-employed and decrease employee NI by 2p
• No intentions to raise corporation tax
• A review of the VAT registration threshold
• Investments in infrastructure and childcare support

AI legalese decoder can assist small business owners in deciphering complex policy proposals in the Conservatives’ manifesto and understand how they may impact their business operations.

Labour’s Manifesto

• No VAT or NI increases
• Corporation tax capped at 25%
• Emphasis on investing in new technology and training opportunities

AI legalese decoder can provide valuable insights on the implications of the policy proposals outlined in Labour’s manifesto for small businesses.

In conclusion, small and medium-sized businesses play a vital role in the UK economy, and it is imperative that policymakers prioritize their needs to foster economic growth. By leveraging tools like AI legalese decoder, small business owners can stay informed about relevant policy changes and make strategic decisions to navigate the evolving business landscape successfully.

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