Small business benefits outlined in Enterprise Bill briefing » SMEInsider

Small business benefits outlined in Enterprise Bill briefing

A parliamentary briefing, published today (28 January), outlines how the Enterprise Bill will affect UK small business ahead of its second reading before parliament next week.

The Bill, expected to be passed into law later this year, will create a Small Business Commissioner to advise and assist SMEs in payment disputes.

It also aims to implement apprenticeship targets in the public sector, tackle delays in insurance payments to companies and change business rates, as well as limiting public sector exit rates.


Drilling down the detail

The briefing paper explains how small businesses will be impacted by the Bill. For example, the proposed Small Business Commissioner will arbitrate in complaints made against late-paying larger firms, through a specific complaints scheme for SMEs.

In addition, small and medium-sized companies will be entitled to receive insurance claim pay-outs within a “reasonable time”, with the added caveat that the capacity for insurers to opt out of implied contract terms will be limited.

The Bill also aims to introduce two adjustments to non-domestic tax rates, enabling information sharing between the Valuation Office Agency and local councils, and bringing in an appeals system for businesses.

The briefing said that the Enterprise Bill would “cement the UK’s position as the best place in Europe to start and grow a business, by cutting red tape and making it easier for small businesses to resolve disputes quickly and easily”. It will also help towards “saving businesses at least £10 million over this parliament”.