Economy – Business
Reform is urgently needed to enjoy a high growth, high wage, low tax economy that is critical for Britain’s future. This cannot be emphasised enough. Smart tax cuts create growth and pay for themselves year after year. That means more money to invest in reformed public services. The Multiplier Factor.
British businesses are under huge pressure from high rates, high taxes, red tape, energy costs, skills shortages and a government that doesn’t listen. Our high streets are blighted by empty properties. Business talent is moving abroad. Reform UK will back risk takers and wealth creators. We will make sure that Britain is open for business.
Critical reforms needed in the first 100 days:
Free Over 1.2 Million Small and Medium Sized Businesses from Corporation Tax. Lift the minimum profit threshold to £100k. Reduce the main Corporation Tax Rate from 25% to 20%, then to 15% from year 5.
Abolish IR35 Rules to Support Sole Traders.
Britain’s self-employed often work longer hours and take more risks. Many have no pension & receive no sick pay
Lift the VAT Threshold to £120,000.
Free up small entrepreneurs from red tape.
Thereafter:
Support Small and Medium Sized Enterprises.
SMEs represent over 95% of UK business and two thirds of all employment. Abolish Business Rates for High Street Based Small & Medium Firms. Offset this with Online Delivery Tax at 4% for large, multinational enterprises to create a fairer playing field for high streets. Cut entrepreneur’s tax relief to 5%. SME Enterprise Zones for left-behind Areas with a period of zero tax for new or existing businesses that are creating jobs.
Reform the Planning System.
Fast track new housing on brownfield sites and infrastructure projects to boost businesses, especially in the North and in coastal regeneration areas.
Slash Business Red Tape. The Brexit Bonus.
Scrap thousands of laws that hold back British business and damage productivity, including employment laws that make it riskier to hire people.
Reform the Tax System.
Major simplification is needed. At over 21,000 pages, the UK’s tax code is a burden. Hong Kong’s tax code is under 500 pages.