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Businesses OK with higher taxes if system simplified

Businesses would happily take a rise in tax bills should it mean a simpler tax system – at least that’s according to a new study from global accountancy and business advisory firm BDO.

Prior to the Autumn Statement release, over 500 firms throughout the UK took part in a survey, featuring 57 per cent of CEOs, finance directors, and business owners all in support of tax simplification, rise or no rise. Half of those who responded spoke in favour of a kinship between income tax and national insurance to assist in the reduction of bureaucratic red tape.

BDO tax partner David Brookes said:

“With little room for tax changes or new reliefs amidst Brexit uncertainty, the chancellor must address simplification in his speech to help businesses succeed in the future.”

Close to 45 per cent of those who responded believe that HMRC should carry on with proposals made by the OECD to combat tax avoidance from multinationals, while a further 25 per cent said that HMRC should receive additional resources in order to better utilise its powers for a fair system.

Jonathan Riley, tax chief at professional services network Grant Thornton, added:

“Despite indications that any spending announcements will be careful, considered and targeted, we believe that there is room for measures that will help create a better environment for businesses.”

The results of the survey are evidence of just how complex the tax system has become. It also proves why it is imperative to employ the services of an accountant in the Wirral, who is trained in the intricacies of the system.

Posted by Mark
December 8, 2016
Tax

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