New Forest

05/06/2018

Businesses call for more government support

Four out of five entrepreneurs in the UK believe the government could do more to support their small business, research claims.

Aldermore surveyed 1,799 people, including 642 small business owners, and found 79% of respondents believed existing initiatives did not provide enough support to SMEs.

Apprenticeship levy funds go towards the training of apprentices, but only 36% of SMEs polled were aware of the funding and only 4% had accessed this form of government support.

A similar pattern emerged with capital allowances, with 27% of respondents aware of the scheme and only 5% utilising it to support their business.

Government-funded startup loans were on the radars of 40% of those polled, but just 6% had used them.

The research also reveals 54% of business owners hold less than £1,000 in cashflow, while 15% are experiencing cashflow problems.

Ewan Edwards, head of savings at Aldermore, said:

“Small businesses represent 5 million enterprises employing over 15 million people in the UK, but the current system of support suffers from needless complexity, low awareness and low take-up.

“There is a clear gap in the market for providing well-targeted small business support, such as simple tax breaks and a taxpayer-funded cash bonus, to help them get started.”

For further information on support for small businesses, please contact Michaela Johns on 023 8046 1256.

Latest Tweets

For children born from September 2020 the Government provided vouchers for a tax free account, which can be accessed once they reach the age of 18! More information is available here http://ow.ly/BkbV50BjQqt

The countdown is on! This Saturday, Director Michaela Johns will be taking to the sky strapped to the wing of a plane all in the name of @SolentMind. It's 3rd time lucky and we're so close to our fundraising goal. To donate, visit: https://bit.ly/2YY3AzQ

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.