Tax and Regulatory Changes Putting Pressure on Businesses

Posted on 7 June, 2016 by Chris Grigorovsky

Two thirds of businesses are feeling the lack of skilled workers, combined with constant changes to tax and regulatory requirements, is adding substantial pressure to owners, according to the Enterprise Index from Smith & Williamson.

Office work place

Over the next 12 months, 74% of businesses are planning for growth and head of business tax at the Southampton office of Smith & Williamson, Rebecca Combes has said that business owners need to keep abreast of prospective tax and regulation.

She goes on to say that a complex and uncertain tax system adds a challenge, with tax not being the main thought in people’s minds when growing their business. However, “it can present frustrating obstacles and hurdles and may cause some loss of momentum on the growth curve of a business.

Smith & Williamson said that difficulties started to occur after the closure of the Business Growth Service (BGS), a scheme which supported small businesses looking to grow.

Another worry amongst business owners is the lack of skilled staff, with only less than half of respondents believing there are sufficient people to fill vacancies.

Combes concludes: “Growth is also being prohibited by the uncertain economic future with staff not wanting to move for fear of being last in first out if there is another downturn, making it harder to access good staff.

The notion of a Brexit is still causing concerns, as well as UK and global economic states, which have caused expectations for growth to fall by 9%.

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