We\u2019re ready to pay for simpler taxes, claim businesses.<\/p>\n
Small business owners have said they would be willing to dip into their own bank accounts in order to bring about a fairer and less complex tax system.<\/p>\n
A poll carried out by the Forum of Private Business (FPB) found that, of those business owners questioned, over a half (57 per cent) would be prepared to pay more for a streamlined tax regime so long as it was easier to understand and delivered genuine rewards.<\/p>\n
Some 45 per cent would tolerate higher tax bills if there were an accompanying reduction in the amount of administrative bureaucracy and red tape involved in complying with the rules.<\/p>\n
Elsewhere in the survey, a majority of employers (78 per cent) felt that the complexity of payroll taxes and increases in national insurance contributions deterred firms from taking on more staff. A further 45 per cent said the tax system hinders financial planning and 41 per cent believed that it impedes prompt payment.<\/p>\n
A number said they would like to see taxation rates for employees and the self-employed more closely aligned in any reform of the IR35.<\/p>\n
Commenting on the findings of the survey, Phil Orford, the FPB\u2019s chief executive, said: \u201cThe cost of complying with Britain\u2019s 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.\u201d<\/p>\n
The tax system is set to undergo a series of reforms, which means that now may be a good time to look at your own business tax planning. Remember: we are here to help make sure that you both comply with the rules and pay no more tax than you should be paying.<\/p>\n","protected":false},"excerpt":{"rendered":"