Three-quarters of small business owners delay having kids or buying houses over tax fears
UK research suggests Budget tax uncertainty is affecting small business owners’ personal lives and business plans. A survey of 500 firms found 77 per cent had delayed a major financial decision, such as buying a home, having children or planning retirement, because of uncertainty about tax changes.
The research also found 65 per cent fear a business tax rise could force their firm to close within a year. Ahead of the Budget, 45 per cent said they felt anxious or dreaded it, while 22 per cent were optimistic; if taxes rise, 57 per cent expect to increase prices, 39 per cent to pause growth plans and 29 per cent to stop hiring.
In short
- 77% delayed a major personal decision over Budget tax uncertainty.
- 65% fear tax rises could force their business to close.
- Many expect to raise prices, pause growth or stop hiring.