Taxes the 'biggest concern' for SMEs

Business taxes are the most pressing concern for small and medium-sized enterprises (SMEs), a recent study has revealed.

In a survey of more than 500 firms, insurance group Hiscox found the burden of taxes to be the biggest worry for four out of five businesses.

Other SME concerns highlighted by the survey included the obtainment of new business, increasing energy bills and carbon emissions. Non-paying clients, competition and computer difficulties were also identified as problem areas.

‘Obviously Capital Gains Tax is a hot topic for business owners right now,’ said John Heaney from Hiscox.

‘Our research shows an anxiety by small business owners towards taxation in general.

‘The cost of running a business has increased, reflected in rising local business rates and the increasing compliance cost of tax regulation,’ he added.