Are small businesses feeling the pinch? Michael LansdellPromotional Features
Posted by: The Probe 6th November 2017
Even before the general election was called, SMEs (small and medium-sized enterprises) would have been feeling anxious about their future. On-going concerns like the departure from the EU and single market is impacting on confidence while a trade agreement is nowhere near to being settled. Also, many SMEs would have been left reeling by the increases in business rates in England, which came into force in April. The Chancellor’s Spring Budget did include measures to support businesses facing an increase, but any sense of security did not last long with the snap election being called just weeks after.
So, where are we now? Well, we do still have a Conservative prime minister, who is pressing ahead with her plans for the country. For dental practice owners, or indeed anyone who is considering buying a dental practice in the future, what are the main points of interest and concern?
The scheduled changes to taxation are still on the agenda. The personal allowance for income tax is set to increase, with the higher-rate threshold being raised to £50,000 by 2020. Corporation Tax is also due to be cut to 17 per cent by 2020. If you are not currently trading as a limited company, should the prospect of incorporation figure in your future plans? It is often the case that unexpected opportunities open up when things are in a state of flux.
Changes to employment laws would be another key area of interest to dental practice owners. In the Conservative manifesto, it was pledged that self-employed workers would be given more protection (also that the tax system would be simplified for anyone doing self-assessment). However, the manifesto was prepared before the long-awaited Taylor Review into the changing nature of the labour market, which was released in July. When the Review was published, many felt its recommendations didn’t go far enough to protect those in the gig economy.
While the post-election dust starts to settle, now is the time to support one another in the industry. Ensure your team is well looked-after and that your own tax arrangements are working as efficiently as they can for you. Don’t make any significant decisions without taking expert advice! Get a specialist accountant with knowledge of the dental industry on your side, such as the team at Lansdell & Rose and you can face an uncertain future with greater confidence.
For more information please visit www.lansdellrose.co.uk or call Lansdell & Rose on 020 7376 9333.
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