Small hauliers
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• The Chancellor said his priority this year "has been to help small businesses". He announced a package of measures designed to reduce the burden of regulation, the shortage of external finance and problems over cashflow. They include: • Two proposals to combat the late payment of debt— a British Standard for payment performance, and legislation to enforce interest on late payments.
"This is a bloody good idea but it also means owner-drivers will have to get their act together to pay their bills on time," says Rob McHugh. He also has reservations about its effect: "If someone can't pay, you can slap a million per cent (interest) on the bill and it still won't get paid."
The Forum of Private Business says that £57bn is owed to small businesses. It wants hauliers to join its register to form a group for lobbying the Government on any future legislation governing late payment.
• PAYE and NI contributions will be integrated.
• Audit procedures for small businesses are to be • A rise in the VAT registration threshold from £37,600 to £45,000.
• Companies with turnovers of less than £90,000 no longer need to have accounts audited.