YORKSHIRE firms have taken the recent VAT hike in their stride, according to a survey.

Some 44% of small and medium-sized firms polled by Close Invoice Finance said the VAT rise had not affected their business.

A further 48% said the impact has been small.

Ian Seward, of Close Invoice Finance, said it was “heartening” to find that most businesses polled were not experiencing major adverse effects of the recent VAT hike.

He said one in 10 firms polled before the VAT rise thought such a move would put them out of business – compared to one in 100 now.

“It’s reassuring to learn that these businesses, which are undoubtedly vital to our economic recovery, have been able to deal with the change,” said Mr Seward.