Austrian measure to improve access to finance for SMEs
Austrian SMEs will benefit from new aid to access finance. The government is about to introduce a tax incentive for individual investors financing SMEs through intermediaries. The measure will be in place for six years, until 31 December 2029
On 31 July, the European Commission declared the measure to be compatible with EU state aid rules, and Austria was allowed to go ahead. Read more
UK SMEs have new demands for their accountants
According to a new survey ran by Xero, SME owners deplore that their accountants rarely provide sufficient support, have limited industry knowledge and make them feel like a second priority.
According to the survey, what SMEs need today are a good understanding of business challenges, technology abilities and the right support from their accountant. Firms that focus on client services and proactively deliver value to their client are increasing their clientele, the survey finds.
Thus, accountancy firms have the opportunity to restructure their services by being proactive regarding their clients’ needs, the survey concludes. Read more.
The impact of transfer pricing reforms on Irish SMEs
The new rules regarding tax-shifting by multinational companies will inevitably impact SMEs. To minimise this, the department of Finance is considering reducing documentation requirement for SMEs.
Ireland launched a public consultation running until 13 September to gather SMEs views on the topic. The majority of responses call for capital transactions to remain outside the scope of transfer pricing rules.
The results of the consultation will be part of the future legislation to be published in the Finance Bill for 2019. Read more.
Germany announces its SME Strategy
German SMEs should soon benefit from a reduction in their tax burden. On 29 August, the Economy Minister announced its SME Strategy, which plans to limit the level of corporate tax paid by SMEs to 25%.
The strategy also suggests a reduced administrative burden with a new Bureaucratic Relief Act. Read more.
Romania’s new automation platform for SMEs
Deloitte Romania has launched Processo, a new automation platform to help SMEs create their own business processes. The platform provides SMEs with automation benefits, to scale-up their digitalisation.
It addresses specific needs such as management of projects and budgets, and facilitates electronic archiving of documents in compliance with Romanian law. Read more.
UK’s digital skills programme for SMEs
Rural SMEs in the UK can apply to take part in the new digital skills prorgamme, financed with £900.000 of EU resources.
The goal of the programme is to increase the level of digital skills in rural communities, and improve competitiveness. The programme reaches out to SMEs working in agricultural technologies and bio-renewables. SMEs will also receive support to adopt new technologies and enter into emerging markets.
The deadline for applications is 25 November 2019. Read more.
SMEs deserve a complete legal framework to flourish
On 14 August, the Association of Chartered Certified Accountants (ACCA) published a new report, calling for governments to take their responsibility in helping new businesses to get started. SMEs do not only need finance, but also information about all the available legal options they can benefit from.
The ACCA developed a thorough analysis of the different business forms in different jurisdictions around four indicators: Legal characteristics, administrative requirements, investment and returns.
It also reminds the unique role that governments have in setting up the boundaries of permissible activities under the law, and adjusting the rights and obligations of businesses. For example, accounting and disclosure requirements may differ between the legal form of business. Read more.