AAT: Give SMEs further tax relief

Small businesses need more Government support to stay afloat and meet net zero goals, according to the Association of Accounting Technicians (AAT).

In a survey commissioned by the financial body, 67% of SMEs said they would benefit from tax reliefs for specific work in certain areas, known as ‘social offsetting'.

A further 46% of SMEs said lower National Insurance contributions would help their business, while 39% wanted to see corporation tax lowered and 25% wished for wider availability of cash grants.

With the Government's recovery loan scheme having ended on 30 June 2022, more businesses are feeling the impact of rising costs and hope for new ways the Government can support growth in the UK.

Adam Harper, director of professional standards and policy at ATT, said:

"It's clear that the Government needs to take a step back and examine how support for SMEs could be improved by reforming the tax system to include incentives for these longer-term aims, as well as providing more direct relief.

"This would help to reduce costs to small businesses who want to implement targets in these areas while freeing them up to focus on day-to-day operations."

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