The 2013 Budget wish list of UK SMEs

IN: Business news

Small and medium-sized enterprises (SMEs) across the country will be waiting in anticipation of the chancellor George Osborne's 2013 Budget, due to be delivered tomorrow (March 20th).

undefinedBut given the chance, what issues would SMEs like the chancellor to address and what changes do they believe would benefit their businesses the most?

Well, one issue to come up time and again for small firms is the price of fuel as this can drive up a company's transport and delivery costs.

The government could, for example, move to increase the mileage and fuel allowance for small businesses so they avoid the crippling cost of petrol and diesel.

Furthermore, Mr Osborne might also like to put a halt on an increase in fuel duty, which he scrapped in December but suggested could come into effect later on in 2013.

It is not just fuel that is hindering SMEs' finances, however, with the implementation of real-time information (RTI) from the tax office also likely to place a squeeze on some firms' bank balances.

In that case, it would be great to see the chancellor ensure funding was put in place to prevent small firms from having to cover the cost of new payroll systems to comply with the changes. This would remove the financial headache for small companies struggling to make the switch.

At the heart of matters, however, is the availability of funding for small firms. Surely, the Chancellor could do more to extol the benefits offered by new finance providers, including Aldermore.

Special financial solutions, such as asset finance, can be a great way for small companies to get the cash they need to grow in an easy and hassle-free way.

Writing for the Independent, Anil Stocker said: "George Osborne and Vince Cable should use the opportunity on Wednesday to turbo-charge these new players into the mainstream."

That way, small businesses would be fully aware of their funding options so they could avoid the disappointment of being refused finance from one of the 'big five'.

In any event, let's hope the Chancellor's Budget serves as a victory for Britain's burgeoning SMEs. 

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