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%.




Leave a Reply


Recent Posts

Britishsteel Getty Images

British Steel on the verge of collapse with over 20,000 jobs at risk

Notre Dame de Paris

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams 2018

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel_Macron

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market

Oxford_Street_Selfridges_Christmas_Decorations_2017

Creative Christmas window displays

Toronto downtown skyscrapers

Brief history of skyscrapers

Savvy promotions attract early Christmas sales for retailers

Are savvy promotions attracting Christmas sales for retail stores?

Greenfield developments

Greenfield developments: The facts

facts about converting chapels churches

Things to consider when investing in church or chapel conversions

Lincoln Castle 1068

Exploring Lincoln Castle’s Georgian and Victorian Prison

the leopard inn Burslem

Facts about The Leopard Inn, Stoke-on-Trent

ancient high house Stafford

The majestic Ancient High House in Stafford

retro video game arcades

Retro video game arcades: The comeback

industrial style offices

How to achieve an industrial inspired office

When to decide if a building should be demolished

When old buildings should be demolished