The firm says a survey of business owners found 22% wanted a cut in income tax, while 19% wanted inheritance tax reduced and 18% favoured a cut in business rates. In addition, 15% would like to see a reduction in stamp duty land tax (SDLT), and 8% favoured a drop in the rate of capital gains tax.

Of these five taxes, the Conservative manifesto only makes reference to changing two (income tax and business rates), whilst the Labour only proposes changes to one, business rates.

The Conservative manifesto does include a promise to increase the personal allowance for income tax to £12,500 and the threshold for the higher rate tax band to £50,000 – a cornerstone of Conservative tax policy since 2010. However, there is no mention of when income tax rates generally may be reduced, and there is silence on whether the controversial national insurance rises for the self-employed will be re-introduced.

On business rates, the Conservative manifesto commits to ‘longer-term reforms to the system’, including the possibility of self-assessments in the valuation process and a full review of the system to account for online businesses, but does not expand on timescales for these reforms.

Moore Stephens says that many business owners may also be disappointed that the Conservative manifesto misses an opportunity to confirm that important capital tax reliefs for entrepreneurs will remain in place, and that there will be no reduction in the rates of SDLT.

The manifesto does repeat the last government’s commitment to reduce the rate of corporation tax to 17% by 2020, but only 3% of businesses in Moore Stephens’ survey saw further reduction of corporation tax as a priority.

In comparison, the Labour manifesto only mentions potential reductions to one of the five key taxes for businesses, suggesting a package of reforms to business rates, including switching from RPI to CPI indexation and creating a new appeals system. It also raises the possibility of income tax rises, by only committing not to raise income taxes for people earning less than £80,000 per year.

Mike Cooper, partner at Moore Stephens, said: ‘Both parties have the opportunity to position themselves as the party of business, entrepreneurship and low taxes, but our research shows that some businesses are likely to be disappointed by both the Labour and Conservative parties’ positions on tax reductions.

‘A further reduction in corporation tax is likely to be seen as a “nice to have” rather than a necessity by a lot of businesses – the UK already benefits from some of the lowest rates of any developed economy.’

Cooper said the firm’s research indicated many business owners and employees would prefer to see the higher rates of income tax reduced significantly, and the tax code simplified, in order to increase disposable income and stimulate consumer spending.

‘Finally, inheritance tax is a longer term concern for business owners as they need to know that they will be able to pass on their business wealth to their dependants without them having to break up the business to pay the inheritance tax bill,’ he said.