Small firms ‘would pay to see a simplified tax system’
Small businesses have become so frustrated with the complex nature of the UK’s tax laws they would pay for a simplification of the system.
That is according to a recently-published survey from the Forum of Private Business (FPB), which showed that 57 per cent of small firms would be willing to pay more tax if the system were less complex and led to greater rewards.
A further 45 per cent of business owners said they would trade a higher tax bill for a general reduction in legislative red tape.
Phil Orford, chief executive of the FPB, explained: “The cost of complying with Britain’s hugely-complex tax system is such that, if simplification and profitability result, most businesses believe a little more tax would be a price worth paying.
“Clearly, if the government is serious about stimulating small business growth, streamlining tax administration must be a priority. In addition, small businesses are deeply concerned that the tax system favours large companies and is deeply unfair.”
By Thomas Fletcher, Tax Assist
Help keep news FREE for our readers
Supporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism, then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. Read More About Supporting The West Wales Chronicle
