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The Institute of Directors (IoD) has warned the government that its new Budget Board must focus on minimising costs for small businesses. Ahead of the Autumn Budget on 26 November, the board will meet weekly to co-ordinate pro-growth policies designed to boost the UK economy.
Budget Board must focus on easing the cost of doing business, says IoD
The government's Budget Board must focus on easing the cost of doing business, says the IoD.
The board has been created to link top ministers and 10 Downing Street officials with the Treasury.
The board will meet weekly and will be chaired by the Prime Minister's new economic advisor Baroness Minouche Shafik and Treasury Minister Torsten Bell.
Anna Leach, Chief Economist at the IoD, said: 'We are glad to see the government putting renewed energy into the growth agenda with a particular focus on business.
'It is positive that the government has announced the creation of this body, bringing together teams across Number 10 and the Treasury, focussed on ensuring that the Autumn Budget delivers vitality to the economy.
'Business confidence has fallen to historically low levels since last year's Budget. Our own economic confidence index fell to its lowest ever level in July this year, with taxes and the wider economic climate dominating concerns amongst business leaders.
'To be successful, this board needs to deliver a Budget that really works for business, with swift action to remove barriers to growth from the regulatory and tax system. We look forward to engaging constructively with the board to ensure the voice of enterprise is at the heart of its work.'
IN THE NEWS
Covid repayment window opens
The government has launched a voluntary repayment scheme to allow recipients of financial Covid support to repay outstanding money they were not entitled to or did not need with 'no questions asked'.
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Chancellor to explore reforms to business rates on second premises
Chancellor Rachel Reeves will look at fixing the cliff edges in business rates that can discourage small business investment and growth, according to a report from HM Treasury.
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'More must be done' to reform Lifetime ISAs
The Treasury Committee has stated that the government has 'not heeded warnings' that the Lifetime ISA requires reform.
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Four million calls to HMRC unanswered every year, MPs told
MPs were recently told that four million calls to HMRC go unanswered each year, risking 'undermining compliance and the government's revenue targets'.
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Lowering VAT threshold would be manifesto breach, warns IPSE
Lowering the threshold at for VAT registration would breach Labour's manifesto, IPSE, the Self-Employed Association has warned.
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ESSENTIAL TAX DATES FOR OCTOBER
1 October
Due date for payment of Corporation Tax for period ended 31 December 2024.
5 October
Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2024/25 if no tax return has been issued.
14 October
Due date for income tax for the CT61 quarter to 30 September 2025.
19 October
Tax and NICs due under a 2024/25 PAYE Settlement Agreement.
PAYE, Student loan and CIS deductions are due for the month to 5 October 2025.
PAYE quarterly payments are due for small employers for the pay periods 6 July 2024 to 5 October 2025.
31 October
Deadline for submitting 'paper' 2024/25 self assessment returns.
QUOTE OF THE MONTH
'The Chancellor will need to use the November Budget to support business investment and confidence, not undermine it with new taxes.'
David Bharier, Head of Research at the British Chambers of Commerce (BCC), commenting on the upcoming Autumn Budget.
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