TaxAssist Accountants, which only advises small businesses, said the Government should show the same flexibility with hard-pressed small business owners as it did with major overseas organisations. Communications Manager Jo Nockels comments:
“Broadcasters that are non-resident in the UK, but here to carry out Games-related activities, can be given temporary exemption from UK income or corporation tax.
Anyone non-resident in the UK who is employed by, or contracted to, one of the companies granted exclusive TV, radio or internet rights to broadcast the Olympic Games, could also be given temporary exemption from UK income tax.
“That’s great news for the big broadcasters and their workers who will hopefully be showcasing our Capital at its best. But the Government and local authorities need to spare a thought for the small businesses in London who will suffer due to the strain on transport links and miss out on passing trade during the Games. They deserve a tax break too.”
The Federation of Small Businesses has urged London Councils to champion small businesses which could lose out during the Games, calling for compensation if they can prove that their profits have been damaged through parking and transport restrictions.