Small business owners 'apprehensive' about Budget

Date: 6th March 2008

Small business owners are "worried" and "apprehensive" about this month's Budget - with 70 per cent of bosses saying they are concerned about next week's announcement.

A study by Alliance and Leicester also revealed that two-thirds of small business owners do not understand how the changes will impact their company accounts.

Alliance and Leicester director of business banking Steve Jennings commented: "With economic uncertainty, small businesses are starting to feel the pinch and the Budget is another concern for the UK's 4.5 million SME population."

However, Mr Jennings claims small business owners can prepare for any changes by reviewing their finances, looking for competitive deals when it comes to utilities and considering ways to save tax.

The survey also revealed that 64 per cent of bosses consult a small business accountant when they are concerned about the state of their company accounts.

According to MSN money, the budget will affect most businesses in some way - particularly changes to capital gains tax rates and development tax credits for small businesses.