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Government 'should help small businesses with VAT'
The government should assist contractors and other small business that will feel the impact of the VAT rise, according to experts.
A spokesman for the Forum of Private Business said that small businesses could struggle with the VAT increase more than bigger ones as they are likely to have more difficulty putting up their prices.
"Maybe as well as helping with the VAT, we would argue for wholesale review of all legal legislation that affects small businesses to see if there are areas [in the legislation] where smaller businesses can be removed," he continued.
This comes after a survey by the Federation of Small Businesses said that 70 per cent of small businesses expect the VAT increase to have a negative impact on their company's finances.
Fifty two per cent of small businesses expect they will have to increase prices while 45 per cent expect a drop in turnover and 36 per cent think they will experience a loss of customers as a direct result.
A spokesman for the Forum of Private Business said that small businesses could struggle with the VAT increase more than bigger ones as they are likely to have more difficulty putting up their prices.
"Maybe as well as helping with the VAT, we would argue for wholesale review of all legal legislation that affects small businesses to see if there are areas [in the legislation] where smaller businesses can be removed," he continued.
This comes after a survey by the Federation of Small Businesses said that 70 per cent of small businesses expect the VAT increase to have a negative impact on their company's finances.
Fifty two per cent of small businesses expect they will have to increase prices while 45 per cent expect a drop in turnover and 36 per cent think they will experience a loss of customers as a direct result.
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