As the anticipation heightens for the Chancellor’s impending Spring Statement, various industry experts and leaders are proactively voicing their pre-budget comments and wishes. Among them, global tax firm Ryan, emphasises crucial measures to bolster British businesses. Nigel Holmes, Director of Research and Development at Ryan, highlights the significance of strategic changes in VAT thresholds, enhanced accessibility to R&D tax relief, further advancements in full expensing policies, and the revival of VAT-free shopping for tourists. The firm urges the Chancellor to prioritize the needs of UK businesses in the upcoming budget.

Meanwhile, Mike Randall, CEO of SME lender Simply Asset Finance, outlines key aspirations for small businesses ahead of the Spring Statement. He calls for streamlined infrastructure planning, improved access to funding, and reconsideration of the VAT threshold to pave a clear path for small firms to thrive in the face of economic pressures.

Sinéad McHale, CEO of Satago, a startup aiding SMEs in cashflow management, points out the preferences of UK SMEs for specific budget measures. She highlights potential strategies, such as raising the Employment Allowance in line with the National Living Wage, increasing the £85,000 VAT threshold, and implementing stricter penalties for late payments. These measures, she suggests, would alleviate the challenges faced by SMEs and foster growth.

In contrast, tax expert Adam Craggs, Partner in Tax Disputes at RPC, comments on the potential scrapping of the non-domiciled tax regime by Jeremy Hunt to raise revenue. Craggs notes the potential consequences of such a move, highlighting the significant number of individuals claiming non-dom status and the potential outflow of investment from the UK. He emphasizes the need for affected taxpayers to carefully consider the implications and take appropriate steps to protect their positions. As the diverse range of opinions and expectations converges, all eyes remain on the Chancellor’s announcements in the upcoming budget.