Budget Must Simplify Business Taxes

Budget Must Simplify Business Taxes, says FPB

The Government has already pledged a “Budget for enterprise”, but for small firms to fill the economic vacuum the Chancellor must simplify the tax system, the Forum of Private Business (FPB) has said. The FPB has welcomed a recent report from the Office of Tax Simplification (OTS) which recommends that the Government should merge income tax and National Insurance (NI) payments – saying that the current system is unclear and time consuming for employers. “Having one figure instead of two would give the employer a clearer idea of the overall cost of employment and simplify their payroll.” said FPB research projects manager, Thomas Parry. “In the past NI has been used as a stealth tax and it’s not always apparent to the employer what they are paying and what the employee is ... »