Online Sales Tax Could Be an ‘Opportunity’ for UK Ecommerce Entrepreneurs
The majority (85%) of small brands believe an online sales tax would damage the UK’s flourishing ecommerce entrepreneurism according to new research, but experts say the levy ‘doesn’t have to be a death knell’ and could actually be good for British ecommerce entrepreneurs.
Global fulfilment unicorn ShipBob and research partner CensusWide surveyed more than 750 founders of companies selling consumer goods online and revealed serious concerns around a potential online sales tax. However, the research also highlighted significant optimism among UK ecommerce entrepreneurs: 92% expect their revenues to grow within the coming year.
More than half (54%) predict at least 15% growth over the next 12 months.
65% said they were optimistic about their brand’s capabilities to scale over the next 12 months
Commenting on the mixed findings, Enda Breslin, EMEA General Manager at ShipBob, said, “Ecommerce entrepreneurship is thriving and this data reveals a market that has the potential and ambition to be a driving force for UK economic growth.”
Breslin added, “There are fears that the online sales tax could damage this sector just as it begins to flourish, but from other perspectives this could be an opportunity. Our research also revealed that 91% of ecommerce entrepreneurs would welcome an Innovate UK-style organisation launched to provide specialist support to the ecommerce sector. There are arguments that a levy on the industry’s phenomenal growth could help create such a body, pooling resources to fuel further success. There’s a real opportunity for the tax to be used in a way that will accelerate growth, rather than hinder it.” The UK government’s online sales tax consultation is set to end on 20 May and is proposed as a measure to redress the balance between the high business rates that brick and mortar retailers have to pay and support continued […]
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