Alternative business lender Fleximize released results from a nationwide survey that revealed what small business owners want from the Autumn Budget.
Of the founders and CEOs profiled by Fleximize, 40% said that a cap on business rates would have the most impact on their business.
Peter Tuvey, co-founder and managing director of Fleximize, said: “We work with thousands of small businesses, and it’s clear that sky-high business rates are one of the biggest impediments to their growth.
“Many companies are yet to feel the benefit of the £300m relief package that the chancellor announced in March, due to fundamental flaws in the way it’s being delivered. If the government ploughs ahead and increases rates by 4% in 2018, it could be the final nail in the coffin for these businesses, which are the backbone of the UK economy”.
Fleximize customers cited access to funding (53%), a reduction in consumer spending (43%), and red tape and regulation (37%) as three of the key issues currently affecting their business.
Alongside a cap on business rates, respondents said that changes to corporation tax (38%) and a rise in the National Insurance personal allowance (28%) would make the most difference to their company.
Tuvey continued: “I sincerely hope the chancellor recognises the risks of hitting companies with higher business rates, and instead announces a package of measures that offers genuine support to Britain’s small businesses.”
Qualitative results from the research revealed business owners’ concerns about VAT, corporation tax and the regulation surrounding investment. Some of the responses were as follows:
“Introduce more incentives to invest in companies, such as less red tape for companies wishing to invest in share capital for SMEs.”
“We are a small partnership and the possible VAT threshold reduction will cause us to rethink our whole business strategy or whether it is even viable for us to continue.”
“Increase financial incentives (e.g. no profit-related taxes for five years) for startups.”
Notes to Editors
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Fleximize is a UK-based business lender and web platform launched in January 2014. Our mission is to help small and medium-sized British businesses grow by providing them with flexible financing solutions tailored to their unique needs and preferences. We are striving to provide our clients with the experience and service traditionally available only to larger corporates. Our dedicated relationship managers will guide and support clients from the moment they apply – no bouncing from person to person, or waiting for hours on hold.