With this year's Autumn Statement barely a month away, we have compiled a four-point wishlist we believe the Chancellor needs to address in order to boost business growth.
Our Agents of growth research on MSBs [ 7328 kb ], a recent survey of dynamic business leaders, and our experience on the ground of hundreds of businesses has helped us identify the following priorities.
We believe these are the four key areas that can improve our clients' growth prospects. These are highlighted in the infographic below, or scroll down for a text translation. We will be covering Autumn Statement 2014 as it happens, so to keep up to date visit our Autumn Statement/Budget homepage.
1. Battle for Talent
Finding, retaining and growing appropriate talent has to be a focus in order to boost growth and productivity.
We think business should be enabled to take on more apprentices, offering higher quality qualifications by making all apprenticeships exempt from National Insurance contributions (NIC).
2. International Expansion
Navigating the complexities of international legislation and regulation is a major challenge when it comes to expanding in global markets, with local cultures and languages a secondary concern.
We believe that a tax credit, like the R&D tax credit, for those initial set up costs in emerging markets, would have a significant impact in focussing firms on export markets. The threshold for transfer pricing should also be raised to ease the burden.
3. Access to finance
Cash is the lifeblood of business yet many are still overly reliant on debt finance and the timing of tax payment is stalling growth.
We believe that additional measures are needed to encourage corporate venturing, to improve access to finance, stimulate innovation and foster strategic partnerships. We'd also like HMRC to tweak the rules to smooth the cash flow problems quarterly tax payments create for growing companies.
4. Regulatory environment
Businesses are overwhelmed by the range and detail of tax legislation and practice.
The customer relationship managers assigned by HMRC to the largest companies have provided greater communication and understanding. We think there is value in replicating this model for mid-sized businesses and extending it across government.
Autumn Statement 2014 – the impacts
Look out for our full response on 3 December on our Autumn Statement pages. We’ll be analysing the details and impacts behind the headlines, and what they mean for the UK economy in terms of employment, growth, exports and innovation.
Visit our Autumn Statement/Budget homepage.