The Government could impact my business in a good and a bad way

The Government could impact my business in a good and a bad way, as it could increase the national minimum wage or decrease it. Increasing the national minimum wage would force a start-up business to pay their employees more money, negatively impacting my business, also you have to pay 5p for a plastic bag now instead of being costless. Decreasing the minimum wage would allow my business to pay their employees less money, so either my business or the owner makes more money – more profit or spending the extra money on other services of my business.
Taxation includes a variety of different taxes that a start-up business would have to pay for, the main taxes are income tax, national insurance, VAT and corporation tax. These taxes would be collected by Her Majesty’s Revenue and Customs (HMRC).If there is an increase in corporation tax has the same effect of making an increase of business costs. Decreasing the tax costs would boost the economy by boosting the amount of spending.
Cost of boring is interest and other costs that my business could occur with, it is the borrowing of funds. For example loan companies such as QuickQuid and Wonga add interest on to what you originally owed them, if you borrow £500 from Wonga they add £175.18 in interest so you have to pay 675.18 more then what you originally owed them. It would help them by finding the best interest rate on a loan, also paying back their loans would give them a good credit score. If my business cannot keep up with the payments for loan companies my business’s credit score will go down, if this happened lenders may be more