Warwickshire businesses believe that one of the main factors affecting their success is the negative impact caused by too much red tape, according to an opinion poll by Chartered Accountants & Business Advisers, Burgis & Bullock at their recent budget seminars in Rugby and Leamington Spa.

The opinion poll also revealed that 65% of the local businesses questioned feel that the biggest challenges facing their business today include the retention and recruitment of skilled staff, keeping up with new software and competing with intense local competition.

In addition to those findings, over 46% of the delegates agreed that future challenges in business will include the struggle to provide sufficient diversification of services to clients, managing the skills and management shortage and strategic planning.

Over 140 business leaders attended the budget seminars in Rugby and Leamington Spa to hear how the Chancellor’s 10th and possibly last budget would affect them and their business.

Commenting on this year’s budget, John Hulse, a tax partner for Burgis & Bullock said: “Whilst much of the content had already been announced in the Autumn Statement, the impact of inheritance tax on virtually all trusts was further evidence of the Government’s crack-down on what they view as tax avoidance.

“In reality, many trusts are designed to protect capital for future generations not as tax planning vehicles. So, our advice to our clients would be to review all existing trust and will arrangements once the Finance Act is published.”