UK businesses welcome delay in corporation tax increase
The majority of small and medium-sized firms in the UK believe that the freeze in small companies corporation tax will help their business, according to a survey by the British Chamber of Commerce (BCC).
52% of respondents reported that the delay in increasing the tax would help their business in the current economic climate.
Not all government measures to help business have been met with approval - over 90% of British companies surveyed do not feel that the VAT cut has helped their business. 76% of respondents stated that the cut had no impact on their business, while 16% reported that it has been a burden.
“Some of the government’s initiatives have been gratefully received, but the £12.5bn VAT cut at the centre of the fiscal stimulus would clearly have been better spent elsewhere,” said Steve Hughes, economic adviser to the BCC.
