"Over 60 per cent of family businesses are concerned for the future stability of their business due to government wage and tax hikes, and employment rights policy changes. A staggering 84 per cent say their future looks even shakier should the Chancellor make changes to VAT and personal taxes in the upcoming Budget. According to research commissioned by independent law firm WSP Solicitors on 2,000 UK family businesses, more than a third risk closure before the next general election in 2029, while almost 1 in 10 expect to shut down in under 12 months."
"There are currently an estimated 4.8 million family businesses in the UK. WSP found that amongst these businesses their biggest concerns ahead of the 26 November are changes to Business Relief and VAT. 46 per cent say changes to company Inheritance Tax rules would knock stability further with 14 per cent pausing passing on the business to the next generation. While nearly three quarters claim increases in VAT on goods and services, or changes to thresholds, could cost the company up to £100,000 a year - with 16 per cent saying costs could reach half a million pounds."
Over 60% of family businesses express concern about future stability due to government wage and tax hikes and employment rights changes. 84% say VAT and personal tax changes would make their future even shakier. Among 2,000 surveyed UK family businesses, more than a third risk closure by 2029 and nearly 1 in 10 expect to shut within 12 months. Nearly 20% say they will have to sell, close, or move abroad if the Autumn Budget brings more tax hikes. Concerns focus on Business Relief, VAT, and company Inheritance Tax changes. Many would pass costs to consumers, cut staff or wages, or pause investment, and overall confidence has fallen since the previous Budget.
Read at London Business News | Londonlovesbusiness.com
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