simpler tax system

SME Owners Would Pay for a Simpler Tax System

More than half of small-business owners would be willing to pay more tax in exchange for a simplified system with less red tape, research from the Forum of Private Business (FPB) has found. A survey of the FPB’s Tax and Budget focus group revealed that 57% of small-business owners would support a “radical tax simplification programme” even if it meant a larger tax bill. Taxes that respondents pinpointed as onerous included National Insurance (NI), PAYE and business rates. For all three, more than half of business owners thought the administration of the rules and the choice of businesses to target could be improved. FPB research manager, Thomas Parry, said that tax administration is seen as a barrier to growth for small firms. “Small businesses would be prepared to pay a little more ... »