A poll of 2,000 adults found reducing red tape (41 per cent), simplifying the tax code (35 per cent) and lowering National Insurance contributions (34 per cent) are other ways people think would help small businesses and their high streets.
Almost half (46 per cent) of those polled feel small businesses deserve additional funding – and 88 per cent think they’re important to a vibrant local community.
The research, which comes against the backdrop of last month’s Budget, found overwhelming support for small businesses at a time of economic uncertainty when they are facing multiple financial pressures.
A handful of measures in the Budget offered some respite for small businesses, such as permanently lowering business rates for smaller properties in retail, hospitality and leisure.
However, the two per cent increase in dividend tax will impact many small business owners who pay themselves through dividends.
Jon Walker, CEO of AXA Commercial, which commissioned the research and has released a report detailing what help Brits think businesses need to thrive, said: “It’s great to see there is so much public support for small businesses and to know people are keen to help them through tough economic times.
“Small businesses are the backbone of the UK economy, making up more than 99 per cent of all UK businesses, so it’s important they receive support to grow and flourish.
“When small businesses flourish, our high streets and local communities feel the benefit.
“People value their local communities so implementing measures to support small businesses is a positive step.”
More than three quarters (77 per cent) want to see more small businesses open in their local area, with bakeries (53 per cent), farm shops and greengrocers (both 41 per cent) the independently-owned enterprises people most want in their own area.
Yet almost two thirds (65 per cent) of all adults polled feel high streets in the UK have generally declined in recent years.
They primarily blame competition from online marketplaces like Amazon and eBay (66 per cent), as well as the cost-of-living crisis (63 per cent) and high business rates (62 per cent).
Almost three quarters (70 per cent) believe small businesses create jobs in the local community while 48 per cent feel they encourage entrepreneurship.
More than six in 10 (62 per cent) think small businesses make the area more attractive and liveable, and 57 per cent feel they add character.
With Christmas festivities in full swing, Londoners are the most likely to shop more at small businesses during the festive period (59 per cent), with Scottish shoppers second (52 per cent).
Those in the south west are less supportive, with only 26 per cent saying they shop more with small businesses during the Christmas period.
Jon Walker of AXA Commercial added: “It’s undoubtedly a challenging environment for small businesses at the moment. But it’s clear from this research that people are hoping the government and local councils will do more to help them.
“A vibrant and thriving local business community is a real asset to any town and it’s up to everyone, from consumers to those in power, to make sure they survive in troubled times.”
