Finance & Taxation
Greater Manchester Chamber of Commerce is the largest and most influential Chamber in the UK and is the recognised voice of business in Greater Manchester.
Tackling issues around business finance, taxation and monitoring economic performance through research.
- British Business Bank - deal or no deal?
- Responsible Payment - Getting paid on time
- Business Rates - a fair tax for business
What the Chamber says.....
British Business Bank - deal or no deal?
STOP PRESS: Greater Manchester Chamber Council 7/2/14
42% of Council members said that a Business Bank would "not add anything new to the market"
37% of Council members said that a Business Bank would only "add more complexity"
There is already a wide variety of financial schemes on offer which have been launched over the last few years. Evidence and feedback from members and those involved in the financial sector is that existing schemes offer much of what is required to assist with helping business access lending however understanding of these schemes is not widespread.
The addition of a further level of indirect support is not the best use of resource at the current time with a better option being to ensure that existing schemes are delivered effectively.
This will be one of the main issues in the build up to the 2015 election.
Responsible Payment - getting paid on time
Business Rates - a fair tax for business
There are increasing calls for a number of actions to be taken with regard business rates including full re-localisation ie full local authority control , to changes in the calculation method to take better account of property fluctuations.
The points highlighted below formed the basis of the Chambers campaign ahead of the 2013 Autumn Statement in which the Chancellor announced a 2% cap – progress but a rate rise is still a rate rise.
1)Reintroduce immediately the 2015 business rates revaluation to realign property values and freeze business rates from 2014.
2)Once revaluations have taken place any future increases should be an annualised CPI rate rather than a one-month snapshot.
3)From 2017 revaluations must be conducted annually.
4)Undertake a root and branch review to establish a flexible system that will reflect changes in economic conditions as they occur.
Many members see this as a punitive tax that is paid irrespective of business’ profitability or ability to pay.
Whilst some progress has been made in getting the issue recognized momentum needs maintaining on this issue.