Harnett Accountants Fulham – Business Bank Could Take Decades

Key Considerations

“A BUSINESS BANK designed to provide help to SMEs under the umbrella of one organisation could “take decades” to get right, according to ACCA.

The institute emphasised the need to establish a bank that will operate long-term, stressing that without consistency over time, small businesses will be unlikely to derive any benefit from the body.

Manos Schizas, senior economics analyst at ACCA, said: “Politicians can only make the landscape for small business finance work better by agreeing on a long-term industrial policy that will survive the politics of the coming years and outlive future parliamentary terms.”

There are also concerns that the government will effectively be choosing winners and losers with the new scheme, as one central body will have total control over all of the various tax relief and finance schemes. However the government hopes that the scheme will simply reduce confusion and red tape for UK businesses and startups when applying for finance or tax relief.

If you need advice about which tax relief schemes your business is eligible for, contact Harnett Accountants Fulham, and we will arrange a free, one hour, no obligation consultation. You can contact us through our website or on 020 8977 3883. Also you can . Additionally, you can keep reading our daily blogs.