Aldermore call on the Government to do more for Britain’s Small Businesses
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We believe that more should be done by the Government to help facilitate small business growth and entrepreneurship. With 5.5 million small businesses nationwide, the uncertainty of Brexit looming and the continuing growth of the gig economy – it’s crunch time. There needs to be more support for those planning on going into business on their own and for existing businesses - the self-employed, entrepreneurs and SMEs of the UK.
We have set up this petition to create dialogue with people in Government who have influence on some of the most important decisions that impact the small businesses landscape.
We know from extensive research* that 77% of people would support the idea of an ISA specifically designed for those looking to start their own business. In addition, a similar proportion of those currently self-employed are supportive of an ISA designed to help people grow their business (75%)
We plan to ask the government over the next 12 months to introduce two new schemes to help entrepreneurs to launch their own business and existing business owners to grow their business.
These 2 schemes are:
1) Entrepreneur ISA
The Entrepreneur ISA scheme will help accelerate people’s plans to set up a new business by providing a cash lump sum or bonus on incorporation of their business. As many as 1-in-3 employees see themselves starting their own business in the next couple of years. This scheme is for would-be entrepreneurs and people who aspire to set up their own business.
Akin to the Help to Buy: ISA scheme for first-time buyers, the Entrepreneur ISA is designed to encourage people to save, on a regular basis, towards the capital they’ll need to launch their own business. In return, on top of the tax-free interest they’ll earn, they’ll also receive a Government bonus. A welcome boost to their business plans allowing would be self-starters to start earlier or provide greater security around cash-flow at a time when it is needed most.
2) Small Business Savings Allowance
The Business Savings Allowance scheme will exist to incentivise businesses to save spare or surplus cash either to fund future investment or to help them through tougher trading periods and is targeted firmly at existing businesses. This scheme at its simplest level enables businesses to earn tax-free interest on business savings.
We all, as individuals, receive a Personal Savings Allowance meaning the interest we receive on our savings, within certain limits, is exempt from income tax calculations. We are proposing that small businesses in the UK should also benefit from a similar scheme with income generated from savings interest is exempt from Corporation Tax, allowing business owners to keep more of what they earn.
These ideas are currently just that, ideas, but we are passionate about making them a reality. They may of course change as we talk with the Government and engage with the wider business community.
Both schemes would require the Governments backing and would form part of the wider package of business support provided by HM Treasury.
Help us help small businesses and help secure a brighter economic future for the UK by supporting and sharing this initiative.
*Source – Commissioned by Aldermore in April 2017 and undertaken by Toluna. The fieldwork was conducted via an online panel between 28th March and 3rd April 2017. The sample consisted of 1,174 UK residents, including 317 entrepreneurs, self-employed people and business owners.
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