The Federation of Small Businesses (FSB) has hailed the much-debated Budget 2012 as a success, it confirmed yesterday.
The organisation was particularly happy to see actions proposed to reduce red tape as well as moves to encourage more businesses to take on young workers. Measures to simplify the tax system for the smallest companies were also welcomed.
But concerns still lie regarding petrol prices as the lobbying group would have liked action to reduce fuel duty to help struggling small firms.
The FSB’s national chairman John Walker praised the taxes overhaul, “Plans to move to a simpler ‘cash accounts' system will bring huge deregulatory benefits to small businesses, and is something the FSB has long been calling for.”
“Many small firms will already use a ‘cash accounting' system and so the moves to allow businesses with a turnover of less than £77,000 to use this system will be welcome. What we need to see now is HMRC develop a better relationship with business to ensure tax compliance."