SME's price hike

Small businesses to pass on tax hike costs

Research shows that 71% of SMEs plan to pass rising employment costs onto consumers, with this a 15% increase from a poll in December. With employers’ National Insurance contributions and minimum wages increasing, around seven in ten businesses plan to reduce or freeze hiring in the next six months. Despite concerns over rising costs, 85% of SMEs are optimistic about their revenue growth over the next six months.