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| Survey: 70% of SMEs fearful of VAT rise |
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| Latest Recruitment News - Office Recruitment News |
| Written by DirectNews Feed |
| Wednesday, 05 January 2011 00:00 |
 The majority of small and medium-sized enterprises (SMEs) in the UK are fearful of the effect the government's decision to increase the level of VAT from 17.5 per cent to 20 per cent will have on them, new research has shown.According to data collected from members of the Federation of Small Businesses (FSB), some 70 per cent of all such organisations around the country expect the Conservative-Liberal Democrat measure, which came into effect yesterday (January 4th 2011), to negatively affect their business. Meanwhile, more than half - 55 per cent - feel they will have to increase prices to make up for this rise, with a further 45 per cent expecting to see a reduction in their turnover. In addition, 36 per cent believe that their customers will be driven elsewhere as a result of them implementing this change. This comes after John Walker, national chairman of the organisation, said recently that 2011 "does not look any easier" for SMEs. Posted by James Strang 
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