Small businesses struggling to cope, says FSB

The FSB is calling on chancellor Philip Hammond to help the small business community which is buckling under the burdens of Brexit uncertainty, business rates hikes, pension contribution increases, Making Tax Digital for VAT and the late payment crisis The small business trade body wants him to use his Spring Statement next week to take action, including on his promise in the 2018 Spring Statement to address “the scourge of late payment”. It also wants a one-year safe harbour approach to MTD-related fines for small businesses, thousands of which are not yet prepared for the new regime, and exemption for certain businesses – in particular, childcare providers – from the “unfair, regressive tax” that is business rates.