Small businesses must have a say on how their taxes are spent

The Federation of Small Businesses (FSB) has expressed concern that the incoming Business Rate Supplements Bill will impose extra tax burdens on businesses and has suggested a series of amendments to soften the blow of the legislation.

In particular the FSB is arguing that small businesses must have a say on all projects to be subsidised by a tax brought in by the Business Rate Supplements Bill.

The new tax is currently being considered by a Public Bills Committee and the FSB is looking for guarantees that the supplement will only be spent on economic development; that businesses will be consulted and have a vote on all supplements followed by an independent review on how the money is spent; that the public sector will also contribute; properties liable for business rates with a rateable value of £50,000 or less will be exempt; and the £50,000 threshold will be reconsidered once the property market improves.

FSB national chairman John Wright said: "Cashflow is king for small businesses who want to hold on to and train their staff - and grow their enterprises during these recessionary times. With small business failures entering their hundreds each day and taking thousands of jobs with them, it seems counterproductive to introduce a new tax. However, if business owners are to pay this supplement it is important that they have a say on where it goes. This revenue must be ring-fenced for economic development rather than to shore up Government infrastructure projects and local council budgets. There must be safeguards in this legislation to ensure the small business community is represented and can benefit from this supplement."

Business Money Insurance Services launches a new service to brokers and business owners

This week sees the launch of a new service under the Business Money brand, Business Money Insurance Services Limited (BMIS).

BMIS is working with Jason Oakley, former head of business banking at The Royal Bank of Scotland, who has established a state-of-the-art business general insurance brokerage, but one with a big difference.

By utilising the latest internet access techniques, and by joining the Cobra Group and benefiting from the huge volumes of policies written, cut price business insurance is offered but with high quality companies.

Business Money editor, Robert Lefroy, commented: "Saving money whilst retaining, or improving, the quality of your business insurer is no longer a dream. We are offering commercial finance brokers, who are finding life tough at the moment, the opportunity to become authorised introducers. This gives them the chance to re-visit their client base, offer them a commercial advantage, and share in the commission earnings from each policy written. It will be a long time before any semblance of normality returns to finance broking and a supplementary income, plus a good reason for speaking to all of your clients, has to be good news.

"BMIS also quotes for direct business so everyone can save money, whilst not sacrificing quality, on an essential business overhead. Cost control will be vital to survival in the coming months, maybe years, so take a look at our website at www.businessmoneyinsuranceservices.co.uk and see how much you can save."