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British business owners are most concerned about the threat of the UK leaving the EU and the financial impact of auto-enrolment pension schemes for staff members, according to a new survey by insolvency adviser trade body, R3.
Almost a quarter (23%) of the 500 UK business owners surveyed said they were worried about the financial implications Brexit would bring, while another 23% revealed their concerns towards the impact of auto-enrolment pensions.
The report also highlighted a number of other financial and legislative fears among UK firms, including the introduction of quarterly tax reporting as part of HMRC’s Making Tax Digital scheme (19%), the introduction of the National Living Wage (18%) and the introduction of an Apprenticeship Levy (6%).
The most common financial concern for large firms (employing more than 250 people) is the UK leaving the EU (4%), while the most pressing fear among firms employing 2 to 5 people is the financial impact of the new National Living Wage (3%).
As you would expect, the possibility of leaving the EU is playing on the minds of a significant number of business decision-makers.
What do you think? What are your concerns, that is, if you have any?
I’d love to hear your thoughts regarding this situation.
Uncertainty over such an important issue could well affect investment and planning decisions over the next few months, so be sure to give us a call on 0182 933 2027 (Chester) or 0151 380 0138 (Liverpool) for any business planning advice.