As MPs return to Westminster after a bumper summer recess and some sense of normality returns after the excitement of the Olympic Games, for SMEs it’s not business as usual as the economy continues to struggle. They are often described by the government as the growth engine for the economy, and yet despite glimpses of dogged optimism, most experts agree that it is as tough as it has ever been for the UK’s 4.5m SMEs.

The combination of a lack of support from the banks, regulatory pressures and the ongoing burden of tax and compliance throughout the economic downturn are all weighing heavily upon the sector. ‘SMEs are usually among the most optimistic of businesses as they often have a degree of entrepreneurial spirit in their genes. But I am experiencing more concern than ever from SME business leaders I speak to when looking ahead at the next couple of years,’ says Paul Renz, head of tax at Scott-Moncrieff.

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