News & Updates

“Blue Monday” for small firms

Economy, Tax

The Federation of Small Businesses has deemed today “blue Monday” as new costs and tax reporting requirements kick in for SMEs. While some firms in England will benefit from cuts in business rates, other changes will mean additional costs. These include new rules on accounting under the Making Tax Digital programme and auto-enrolment pension rules. Mike Cherry, national chairman of the FSB, said: “Overall, this is a package of changes that increases the costs of running a small business. For the first time since 2010, we saw a contraction in the size of the UK business community last year. All ministers and policymakers need to take note and avoid bringing in new measures that would exacerbate this loss in 2019.”

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