General Election and tax among top concerns for construction firms
The impending General Election tops the concerns of the property and construction industry according to a new report from a national audit, tax, advisory and risk firm.
Crowe’s 2019 property and construction outlook report has gathered the opinions of the industry, identifying the key challenges and opportunities the sector faces over the next 12 months.
Rob Gunn, partner in Crowe’s Midlands office in Oldbury, said: “It is clear from the results of this year’s survey that the sector is calling for stability in this current political and economic environment.
"With the impending General Election topping the concerns of our respondents at 27 per cent, up from 13 per cent in 2018, interestingly Brexit, although still a concern at 20 per cent, has seen a 10-point drop from 2018.
"It is interesting that despite these overall concerns, 53 per ent of respondents remain confident and believe that their business will grow in the next 12 months."
For the third consecutive year, the vast majority of respondents – 65 per cent – felt that the tax system is unfavourable to property developers and investors, with only 13 per cent believing that it is favourable.
Also 48 per cent of respondents identified stamp duty land tax as the biggest barrier to business growth and 36 per cent stated tax complexity.
