EU Membership and Reduced Tax Rates Top Small Business’ Manifesto
Small and medium sized business owners want EU commitment, reduced tax rates, a simplified PAYE system and an end to late payments from the new government
Remaining in the EU and a reduction on business tax rates are among the top requests small and medium-sized businesses want from the new Conservative government, with 30% of business owners stating so.
The research from Bibby Financial Services, which asked 1,000 small firms which businesses policies they want to see in the next 12 months, found that other priorities included a simplified PAYE system (22%), an end to late payments (20%) and creating ways to increase the UK’s talent pool (19%).
Medium-sized businesses (those with over £5m turnover) appear to be more concerned with changes to EU membership, with 34% naming remaining in the EU a top agenda. Reducing business rates was a priority for both small and medium-sized company, but 24% of small businesses also called fora more transparent outline of how much they will be taxed.
David Postings, UK Chief Executive of Bibby Financial Services, commented on the findings:
“It is clear that the question of EU membership is a key concern for UK PLC. This is something the new government will need to manage carefully as uncertainty will undoubtedly affect confidence and ultimately economic growth.”