Small companies have pleaded with the Chancellor to ditch the National Insurance hike and ‘eye-wateringly expensive’ tax breaks that will primarily help bigger firms.
The Federation of Small Businesses (FSB) has urged Rishi Sunak to scrap the crippling £18billion NI increase, which the Mail has campaigned against, and higher dividend taxation.
And, in a letter to Sunak ahead of the Spring Statement on March 23, the FSB said the Treasury should move away from the ‘super deduction’ policy.
The organisation said the focus should instead be on reducing overheads such as business rates and making it easier for smaller companies to access funding for research.
Plea: The Federation of Small Businesses has urged Rishi Sunak to scrap the crippling £18billion NI increase and higher dividend taxation
FSB chief Martin McTague 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.’
Just over 99 per cent of all companies in the UK are small businesses with up to 49 employees. Under this programme for every pound a company invests, their taxes will be cut by up to 25p.
The FSB claims this will mostly be used by bigger and multinational firms.
The calls for help came as figures from another business body, Make UK, said manufacturers were continuing to increase prices at record rates – even before the effect of the Ukraine war was factored in.
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