Posted on 2nd June, 2015
Posted on 2nd June, 2015
by Paul Moravek
Rewarding entrepreneurship: The new Enterprise Bill at a glance
You may have seen the take-outs from the Queen’s Speech in the news, but what are the nuts and bolts of the new Enterprise Bill that was mentioned?
In a nutshell
The Bill is designed to a) cut a lot of the red tape that inhibits business processes and b) give small businesses the tools they need to resolve disruptive disputes quickly and easily.
We look forward to these changes coming into effect, especially simplifying processes such as EIS and SEIS tax relief claiming to make them more straightforward. Implementing an online system for EIS and SEIS claims will streamline the process, lifting the administrative burden from businesses, while also ensuring investors benefit from receiving their tax reliefs more swiftly.
By looking after UK businesses and rewarding entrepreneurship, generating jobs and enabling higher wages for all, the proposed Bill will “offer people opportunity at every stage of their lives”.
By doing this, the UK Government aims to cement the UK as the best place in Europe to start and grow a business.
What does the Government want to do for UK businesses?
According to the Government, the proposed Bill will benefit UK businesses by:
- Progressing its commitment to cutting red tape and saving businesses at least £10 billion over this Parliament.
- Creating a Small Business Conciliation Service to help resolve business-to- business disputes, especially over late payment.
- Improving the business rates system ahead of the 2017 revaluation, which includes modernising the appeals system.
- Other measures to help strengthen the UK’s competitiveness and back businesses to create jobs.
What will the Bill consist of?
The new Bill will look at deregulation to cut red tape and the introduction of a Small Business Coalition Service to help growing businesses. It also proposes introducing new rules to make doing business in Britain more straightforward and fair.
- Extending the Government’s target for cutting red tape to cover the activities of more regulators and enable them to contribute to the deregulation target.
- Regulators will be required to be more transparent by reporting on how they are complying with with the already existing better regulation requirements. This will ensure that regulators are held accountable for how they design and deliver services and policies, so that they only act in their industry’s best interest by meeting the needs of business.
- Extension of the Primary Authority scheme to streamline regulation around the country.
- Small Business Conciliation service
- Establishing the Small Business Conciliation Service that will handle business-to-business disputes without the need for court action, tackling in particular, late payment issues.
- Business rates
- Introduction of business rates appeals reform, including modifying the Valuation Tribunal powers to consider ratepayer appeals.
- Allow for the Valuation Office Agency to share information with local government to improve the system for both local government and ratepayers.
For more information visit https://www.gov.