Xero’s Road to Small Business Recovery

Helping small firms kickstart the economy.

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Small businesses are vital for the national economy and their local communities. It is critical that they can bounce back quickly from the impact of COVID-19. But in order to do so, they need the right economic and political environment in which to thrive and grow. 

Our Road to Small Business Recovery looks at how to help small firms kickstart the economy and job growth.

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Accelerate digital adoption

Help small businesses to make the best use of technology and be ready for the future.

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Time for a fair buyers’ bill

Good cash flow is necessary to kickstart the economy, so we need to put an end to unfair payments.

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Promote the role of accountants and bookkeepers

Accountants are well set to coach and advise their customers. Let’s make the most of this.

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Increase small business representation in government

We need to achieve greater representation for small businesses in our government.

Our policy recommendations

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Accelerate digital adoption

  • write off digital tech investments to help them move online 

  • increase R&D tax credits 

  • expand the remit of the Small Business Commissioner

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Improve finances and business management

  • improve payment conditions

  • reduce corporation tax for small firms

  • increase the annual investment allowances 

  • ensure support loan repayment terms remain flexible 

  • offer a six-month NI holiday to small businesses

  • extend tax relief to support remote working

  • introduce a moratorium on all new non-urgent regulation

  • increase small business representation in government

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Acquire the essential skills

  • give tax relief to train and reskill business owners

  • improve awareness of and access to training

  • encourage businesses to work with an accountant

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Strengthening local business communities

  • improve gigabit digital access

  • focus on how our regional economies can drive growth

  • ensure that the trend towards remote working benefits all

  • reform business rates

         

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Further information

Small business insights

The Road to Small Business Recovery is underpinned by data from Xero Small Business Insights - which provides analysis of the sector’s health drawn from anonymised and aggregated data from hundreds of thousands of our subscribers.

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Appendix: Road to Recovery

If you'd like to read more information from our Road to Small Business Recovery, our appendix covers the policy recommendations in further detail, including digital adoption, finance management, essential skills, and local business communities.

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