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| Majority of SME employees realises importance of deficit cut |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Wednesday, 23 June 2010 00:00 |
 The majority of SME employees realises the importance of cutting the country's financial deficit - but the pain of cuts and tax hikes needs to be balanced by measures to help start-ups grow.This is according to a spokesperson from the Federation of Small Businesses, which commented on the effects of a increase in VAT, announced yesterday (June 22nd) by chancellor George Osbourne. It will stand at 20 per cent from January 4th 2011. SMEs do not have the "financial buffers" available to absorb such a rise and will therefore have to pass any change on to customers, she explained. The VAT change - especially in the current economic climate - may disproportionately affect smaller and medium-sized firms, the expert added. Other elements of the emergency Budget that may impact upon SMEs is the new tax scheme, exempting all new businesses from up to the first £5,000 of National Insurance payments for their first ten employees. 
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