By Claire West

New online research from YouGov’s SME Omnibus survey reveals that over half of all SME senior decision makers surveyed (57%) agree the recent VAT rise will make no difference to
their business.

VAT rose from 17.5% to 20% on January 4th and 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. In contrast, only 10% of SMEs decision makers disagreed that they 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.