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Small firms see business tax system as 'unfair'. Pearson May News Update - Friday 29 January
- Fathers to be entitled to six months of paternity leave
- Small firms see business tax system as 'unfair'
Small firms see business tax system as 'unfair'
Smaller businesses regard the current tax system as unfair and want it simplified.
A survey carried out by the Forum of Private Business (FPB) found that two thirds of those firms that responded believe that the tax regime places too heavy a burden on small businesses and that the system is weighted in favour of big companies.
Almost half of respondents to the FPB’s Tax and Budget Member Panel survey listed fairness as the main priority for any tax system.
One in five cited cited simplicity as the most important aspect.
Some 13 per cent wanted the tax system reformed to make Britain more competitive internationally, while, more broadly, 45 per cent considered the tax burden to be a ‘very serious’ issue for their firms.
Commenting on the findings, FPB spokesman, Phil McCabe said: “Our members believe that they are bearing an unfair tax burden because of the moderate sizes of their businesses.
“The complexity of the British tax system is not only time-consuming and frustrating, it also puts small firms at an instant disadvantage. Big companies have the expertise and resources to understand the system and minimise their tax burden.
“For most of our members, hiring an outside tax consultant represents a significant cost few can afford, especially in the midst of a recession.”
Mr McCabe added: “Whichever party comes to power at the general election, we would like to see it lay the foundations of a bold new tax environment where small firms are rewarded, rather than unfairly penalised, for the huge contribution they make to the British economy.”
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