A major new study has found that over half of small business owners in the UK have concerns about the way that firms of their size are taxed.
The DNA of an Entrepreneur Report found that 51 per cent of respondents agreed with the statement: “Our taxation system does not favour someone wanting to set up their own business.”
This compares to 47 per cent who supported the same statement 12 months ago.
The firms made it clear that changes to direct taxation – and reducing the liability of smaller firms – would be the best way to stimulate growth.
This was a view shared by businesses in the five other countries to participate in the research – France, Germany, the Netherlands, Spain and the United States.
In Britain, businesses also supported more streamlined accounting rules, stimulation of lending and efforts to cut red tape.
Generally there seems to be dwindling confidence in the Government’s support for enterprise.
A year previously, 45 per cent of the firms felt that ministers were “supportive” but this had fallen significantly, to 35 per cent, in the latest survey.
Attention is already starting to turn to the Autumn Statement, with the Chancellor, Philip Hammond, likely to face increased pressure to announce measures to support entrepreneurs.
Mike Cherry, the FSB’s national chairman, recently said: “Small businesses are the key to driving economic growth and prosperity across the nations and regions of the UK.
“While small firms are proving resilient, we want to see some important decisions made by this new Government, and the new Chancellor is clearly going to be a major player.”
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