New online research from YouGov’s SME Omnibus survey reveals that over half of all small and medium enterprise (SME) senior decision makers surveyed (57%) agree that the recent VAT rise will make no difference to their business. VAT rose from 17.5% to 20% on January 4th.
London SME decision makers proved to be most confident about the 2.5% rise, with 65% believing that it would not make a difference to their business. However, 41% of those surveyed did believe that the VAT rise would have a negative effect. SME decision makers in the East of England were most pessimistic, with 46% saying VAT would have a negative effect on their business.
It was also revealed that regardless of their views on the matter, the majority were ready for the rise, with 86% agreeing that they were well-prepared. Only 10% of SMEs decision makers disagreed that they were prepared for the VAT rise.
YouGov’s SME Omnibus surveys 500 senior business decision makers in small to medium business enterprises on a monthly basis.
