Businesses in the South will be looking for “stability, opportunities and support” in this week’s Budget according to a leading tax adviser at RSM UK.
Suze McDonald, regional head of tax at RSM UK in the South, and partner in the firm’s Reading office, is urging the new chancellor to focus on business growth to encourage greater investment and innovation for local businesses.
Suze McDonald said: ‘Businesses have had to weather an incredibly difficult couple of years. The optimism felt when Covid restrictions were easing has been curbed by subsequent geopolitical challenges. With a cost-of-living/cost-of-borrowing crisis, and a much publicised £50bn gap in the public finances the chancellor has a tricky task ahead in attempting to close that gap, while at the same time delivering policies to boost growth.’
‘Businesses in the region and international investors will simply want clarity from this Autumn Statement, such as understanding what incentives will be available to encourage capital investment. In particular, incentives for investment in local renewable energy will be high on many businesses’ agenda, as many are concerned with the threat of power outages which could lead to significant supply chain disruption and instability. Business will also be keen to understand whether new taxes will be introduced, including the online sales tax; and if there will be a reduction to business rates and confirmation of the rates of UK corporation tax applicable from 1 April 2023.
‘For any chinks of light, local business leaders will be looking for tax initiatives which offer stability, opportunities and support for them to be able to invest for growth, create jobs and attract inbound international investment which is crucial for the local economy. There is optimism, and there are opportunities to be had including the newly created Freeport; and the region has a diverse mix of innovative and forward-thinking businesses which need an entrepreneurial environment in which to thrive.’
