"A survey commissioned by Rathbones, one of the UK's largest wealth and asset management groups, found that 21 per cent of SME leaders were compelled to cut staff in response to higher costs and tax burdens. The poll of more than 1,000 founders, owners and senior executives paints a picture of businesses being squeezed at both the corporate and personal level."
"Overall rising costs were cited as the biggest threat to business by 70 per cent of respondents, while 58 per cent said rising taxation and regulatory burdens were among their most significant challenges. Business rates and employer national insurance contributions were singled out as particular pressure points. The survey also highlights how closely intertwined business and personal finances are for many entrepreneurs."
A survey of more than 1,000 SME founders, owners and senior executives found 21% of SME leaders cut staff last year due to rising taxes and operating costs. Seventy percent named overall rising costs the biggest threat, and 58% cited rising taxation and regulatory burdens, with business rates and employer national insurance singled out. More than a quarter of SME leaders reported that over 25% of their personal wealth is tied up in their businesses, increasing household exposure. Frozen income tax thresholds, reduced capital gains and dividend allowances, and higher CGT and dividend rates are eroding post-tax income and forcing strategy reassessments.
Read at Business Matters
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