Connect with us

Hi, what are you looking for?

Business

Tax incentives and finance access top SMEs’ priorities ahead of autumn budget

As the autumn budget looms, tax incentives and improved access to finance have emerged as key demands from UK SMEs, according to new research from Bibby Financial Services (BFS).

The latest SME Confidence Tracker reveals that while business optimism has rebounded post-election, small business leaders are calling on the government to address critical financial barriers to unlock growth.

The survey of 1,000 SMEs found that 68% expect sales to increase over the next six months, a 7% rise since March 2024. With stabilising inflation and lower interest rates, 63% of SME leaders now feel more confident about making capital investments, while 52% are more likely to pursue major investments following the General Election.

However, concerns persist about the potential for tax hikes in the upcoming budget, with 87% of respondents calling for better tax incentives, and 81% advocating for access to low-interest financing to support expansion and job creation.

Derek Ryan, UK Managing Director of BFS, urged the government to honour its commitment to small businesses, saying: “SMEs are finally feeling confident enough to invest, but the Prime Minister’s warning of a ‘painful’ budget risks undermining this. Supporting SMEs must remain central to the government’s economic growth plan.”

Access to finance remains a significant challenge, with 49% of SMEs describing the finance landscape as complex, and 80% seeking better educational resources for navigating funding options. While commercial finance approvals have risen, many SMEs still find the process daunting, with only 18% having utilised the Bank Referral Scheme.

The Labour Party’s proposals to improve SME financing through reforms to the British Business Bank and the Bank Referral Scheme are seen as promising, but experts like Sandeep Dhillon, CEO of SME marketplace Talmix, stress the need for immediate clarity on tax policies and financial support, particularly for the tech sector, where investment has waned.

Read more:
Tax incentives and finance access top SMEs’ priorities ahead of autumn budget

Advertisement

    You May Also Like

    Investing

    RevisingTheBankSecrecyAct_NorbertMichelAndJenniferSchulp_CMFAWP007   The post Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals (CMFA Working Paper No.007) appeared first on Alt-M.

    Investing

    Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the...

    Business

    Rollee enables worker’s to share their professional data, spread over one or more financial platforms. Ali Hamriti, CEO and Co-Founder of Rollee, is on...

    Business

    The energy crisis means that as the price of wholesale commercial energy hits an unprecedented high, businesses must pay notably more for their energy...

    Disclaimer: successfuldealnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 successfuldealnow.com | All Rights Reserved