After months of wrangling, a new law has been given Royal Assent and will see small businesses across North Yorkshire given better access to finance and the support they need to grow, according to a local tax and accountancy specialist.
“The Small Business, Enterprise and Employment Act has now been given Royal Assent, bringing in a host of new measures, which aim to make the UK the best place in the world to start and grow a business,” said David Underwood, who runs TaxAssist Accountants in Harrogate.
“The new law is designed to help level the playing field for small businesses and improve access to vital finance for growth. It will cut down on red tape by regularly reviewing regulations which affect businesses and setting targets to remove unnecessary burdens.
“It will force banks that have turned down a loan request, to pass on details of the business, with the owner’s permission, to online platforms which can help match them with alternative finance providers. This would be a very positive step for many local businesses looking to access finance for growth.
”What’s more the UK’s largest companies will face tougher new reporting requirements on payment practices and policies, providing smaller firms with vital information to negotiate fairer deals and barriers are to be removed to help small businesses gain better, more direct access to public sector contracts.
“As with any new regulations, we will watch closely to see how well the objectives are delivered, but this Act marks a vital step forward by the Government in supporting the UK’s 5 million small businesses which are helping drive our economic recovery.”
TaxAssist Accountants Harrogate is a local business, operating across Harrogate, Knaresborough and Ripon, providing tax and accountancy advice and services purely to small businesses.