Small Business Is Suffering A Squeeze

A “Small Business” can be identified as a being a privately-owned corporation, partnership, or sole proprietor that have fewer staff and less annual revenue than a regular-sized corporation. The European Union (EU) defines a small business as one with under 50 employees. Small business or as they are sometimes known, small and medium-sized enterprises (SME’s) contribute 47% of revenue to the U.K. economy. They have a key role in boosting productivity but need support to expand activities and increase their economic impact. The SME’s of the U.K. have been squeezed today as new costs and tax reporting requirements kick in. No wonder, April 1st has been dubbed “Blue Monday”.