Put money in people's pockets to boost the local economy, urge Leicestershire business experts
Business experts are hoping to see a freeze in VAT, a clampdown on tax avoidance by big overseas firms in the UK and further cuts in red tape in today's autumn statement.
They also hope Chancellor George Osborne is not too hard on high earners while cutting corporation tax for small companies and giving start-ups a year-long holiday from National Insurance contributions.
Ian Johnson, partner at accountancy firm Grant Thornton's Regent Street office in Leicester, said he felt there was little chance of any big tax announcements.
He said: "I suspect the statement will be all about growth and less about tax. A rumoured increase in VAT appears unlikely, as does cutting tax relief on pensions."
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Mr Johnson also anticipated a speeding up of the timescale for doing away with personal tax for people earning £10,000 or less.
He said: "Taxing people who earn less than £10,000 is ridiculous. A faster increase in the allowance would put money in Leicestershire people's pockets which they could then spend in the local economy.
"While the economy is being rebalanced, here as elsewhere, towards manufacturing and exporting, we need rising personal consumption to fuel growth.
"To get that, people need money to spend."
Trevor Shaw, business tax director at Grant Thornton in Leicester, said he expected a swipe at global organisations avoiding tax in the UK following recent criticism of Google, Starbucks and Amazon.
He said: "The foreign-owned companies in Leicestershire will be watching what the Chancellor announces.
"Public pressure is likely to see a number of commitments from the coalition to tackle actual and perceived tax avoidance."
He also hoped to see more cuts in corporation tax, and a possible complete cut for small companies.
Chris Romans, tax partner and private business expert at PricewaterhouseCoopers' East Midlands office in Castle Donington, hoped the Chancellor would reduce tax complexity to boost business confidence.
He said: "Certainty is an important factor in determining how confident businesses feel about investing back in their businesses and hiring new staff at a time when order books are pretty static."
He said one option would be to allow start-ups to take a year-long holiday from National Insurance contributions, while increasing simplicity in the tax system and cutting red tape.
A spokesman for Haines Watts accountants, who have their head office in Hamilton Office Park, believed tax relief on the pension contributions of high earners could be under threat.
In a statement, the company said: "Mr Osborne has confirmed the richest 'will have to bear their fair share', fuelling speculation that he could announce a cut in the annual tax relief cap on pension contributions, from £50,000 to £30,000."