As we're going to see the first ever live TV debate between the leaders of the three main political parties tonight, I thought I'd do a quick run-down of how their proposals would affect small businesses.
The Liberal Democrats were the last to launch their manifesto, so I'll start with them first. They plan to:
• Reform business rates, so they are based on site value rather than rental value and are the responsibility of local authorities. The downside to this is that local control could also lead to uncertainty for retailers.
• Make small business rate relief automatic and ensure that the burden is spread more equitably between small and large companies.
• Raise capital gains tax at the same rate as other income taxes. Analysts say this could inhibit entrepreneurs and SMEs from being bold with tackling risks or much needed investment that could help the economy to grow.
• Have a uniform National Minimum Wage. This would be set to the same level for all workers over 16, except apprentices, rather than graded according to age as it is at the moment. Some feel that this move would raise costs for SMEs.
• Tackle red tape, particularly 'over-implementing' of EU laws.
In his opening speech Nick Clegg said their manifesto was based on four steps to a fairer Britain. Watch the debate tonight and see how he fares.
