SMEs see costs increase

Date: 29th September 2008

The running costs for SMEs have hit their highest level in three years, new research has suggested.

An investigation by the financial services firm, More Th>n, found that costs for most products and supplies essential to business have soared since 2005.

Expenditure for gas, electricity, fuel and insurance have seen some of the largest increases, with micro firms being hit the hardest.

Mike Bowman, head of More Th>n Business, said: "Now we have a true picture of rising costs for small businesses, people will be asking the government what realistic measures can be taken to support them, particularly in the current economic climate."

It's not all bad news for small businesses though, as vehicle rentals, advertising costs, accountants and telecoms have all got cheaper, the study found.

Small businesses have until October 31st to file their paper self-assessment tax return, or alternatively, January 31st if they are choosing to file online.