Nearly 70% of UK small businesses are concerned about the repercussions of Alistair Darling’s first budget, a recent survey discovered.
The research, commissioned by Alliance and Leicester, revealed that only 11% of companies fully understand the implications of new proposals such as increased corporation tax and changes to capital gains tax.
Nearly half were worried most about rises in fuel duty, coinciding with a recent complaint made by the Federation of Small Businesses that even a small increase in fuel duty can increase business costs by thousands of pounds.
Director of business banking at Alliance and Leicester urges SMEs to ensure they fully understand the forthcoming changes and prepare themselves accordingly. ‘Look at regular costs such as utilities and bank charges and ensure that you shop around for the most competitive deals,’ he said.
With British Gas confirming that its energy prices will grow by at least 15% this year alone, companies will have to source an increasing number of money-saving alternatives in order to stay afloat.
Back to top