What the Parties Are Promising – General Election 2019
These are some of the main proposals for the small business sector in the manifestoes:
The Conservatives
getting Brexit done so that the country can focus on everything else that needs to happen; leaving the EU will allow a review of regulations on business aiming to make them more business-friendly
review of business rates to support the high street
wider tax reform to achieve simplification, no increases in income tax, VAT or National Insurance; increase R&D tax credits
improving the situation of the self-employed, with a review focusing on access to finance, tax and support for home workers
improve start-up finance for small businesses, greater recognition for women and BAME entrepreneurs
a new £3 billion National Skills Fund focused on SMEs, with the reform of the apprenticeship levy and matched funding available for those from the SME sector undertaking training
strengthening the office the small business Commissioner to clamp down further on late payment and ensuring that government both pays small businesses on time and the same small businesses get a fair crack at government procurement, supporting and encouraging flexible working, strengthening maternity/paternity leave and rights of unpaid carers; giving the right for workers in the gig economy to require a more predictable contract
beefed-up specialist tax evasion unit
a Digital Services Act, amongst other things to focus on irregularities in digital retail
a new Brexit deal, followed by a further referendum by next July; with a Labour government mandated to follow result of the referendum
deal major reforms of the apprenticeship levy to make sure it is spent on accredited training; larger businesses will be a transfer on use funds to smaller ones
promise that no one who earns less than £80,000 will pay more tax, focus on taxing wealth rather than income, no increase in VAT
consider replacing business rates by a land value tax
reform of the Companies Act to force companies to focus on longer-term growth
increased minimum wage to at least £10 an hour for all workers, but with help for small businesses
through a new ministry for employment rights ending what it calls bogus self-employment in, for instance, gig economy; zero hour contracts to be banned and anyone doing more than 12 hours a week having a right to have a contract of employment
New protections and help for the self-employed
new equality rights with more paid maternity and paternity leave an extra pregnancy protection
Tough new measures against late payers, including being banned from public contracts
minimising reporting requirements for those below the VAT threshold
free fast broadband for everyone
Business Development Agency to provide direct and free support to start-ups
crackdown on tax avoidance and reform of tax reliefs
supporting the high street by stopping bank branch closures and giving local government the power to use empty shops
tougher planning rules on high Street to stop conversion of retail to other uses
business rates replaced by a land value tax on commercial sites; the owner pays rather than the retailer, more money for the Future High Streets Fund
Start-up allowances for new businesses
focusing on equity capital and long-term investment for growing businesses, through the reform of the British Business Bank; with a special focus on drawing in new growing businesses rather than being a lender of last resort and a focus on digital
protecting the position of those in insecure employment and ensuring that normal employment rights are extended to them; including former flexible working, a “genuine living wage”. Also establishing a new status of “dependent contractor” with clearly established rights.
Tax simplification, particularly to support small businesses, ending retrospective changes
Corporation tax of 20% but keeping that rate stable
Liberal Democrats’ manifesto for the 2019 UK general election.