Small businesses across Dorset call on new Government to cut taxes
Half of UK's small business and start-up founders are concerned that their venture will not survive the next 12 months
There are calls for the new Government to cut taxes as small businesses across Dorset fear for the next year.
New research has revealed that half of UK business owners are concerned that their venture will not survive the next 12 months, versus only 11% having the same concerns last year.
According to research by Virgin StartUp, a third of business owners demand government to support regions outside of London.
Weymouth BID’s COO, Dawn Rondeau-Irving said: “Often the government forget to support rural economies, particularly coastal resorts, but one thing they could do is reduce the VAT back to 12.5%.
“I also think the government could back, finance, and loans, it would be really helpful to support businesses within this often-forgotten sector.”
33% of businesses want to see business rates scrapped while one in four call for cuts in corporation tax.
Mrs Rondeau-Irving told us: “Energy price increases have had an impact, especially during the colder months, and businesses here would love to see the ‘energy relief scheme’ brought back to offset some of the soaring costs.”
Small and medium sized enterprises make up 99% of businesses in the UK, supporting 27 million jobs across the country and collectively account for £4.5 trillion in annual turnover.
But, businesses say their futures are looking bleak unless they get more help as each day gets harder to stay afloat.
Many have acknowledged that people are “less willing” to spend their disposable income compared to the past because “people need to save.”
Mrs Rondeau-Irving urges people to spend local: “We need that rich diversity of multiples franchise brands and small independents in our highstreets because we want them to be vibrant and lively,”
She added: “If businesses do start to struggle and ultimately close their doors, there would be job losses which would have a detrimental impact on the local community.”