Tax matters to SMEs

In the run-up to the General Election, new research has found that small and medium-sized enterprises (SMEs) are most concerned about tax relief on investments and has also uncovered overwhelming support for the UK’s continued membership of the EU.

However, late payment by customers remains the biggest headache for those polled, with more than three quarters of businesses being forced to wait at least a month beyond their agreed contract terms before getting paid.

When asked which single measure would they most like to see introduced by the next Government after May 7, a third highlighted increased tax relief on investment, closely followed by reform of the UK’s complex tax system and improvements to road, rail and air infrastructure.

With a referendum on the UK’s continuing membership of the EU potentially in the offing, the survey showed unanimous support for the UK continuing to remain part of the EU, but with 69 per cent supporting a re-negotiation of our terms of membership.

Meanwhile, the Tories are gearing up their election promises in the remaining days before polling and David Cameron will say today (April 29) that a Conservative Government would cut taxes. Launching his party’s small business manifesto yesterday, Mr Cameron, who declared himself “the minister for small business and enterprise”, promised that his Government would deliver a meaningful review of business rates and would provide targeted support for SMEs. He added that his is the party of “the small businesses, the entrepreneurs, the techies, the roof tilers, the retailers, the plumbers, the builders”.

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