Small businesses call for simpler tax system to level playing field
Smaller businesses want a simpler tax system to help create a level playing field with their multinational competitors, new survey data shows today.
Accountancy firm Moore Stephens said 55 per cent of small and medium-sized enterprises (SMEs) wanted the tax system simplified in this week’s budget.
The joint most popular measure was a further crackdown on tax avoidance, particularly VAT avoidance, by large multinationals. The proposal also had the support of 55 per cent of the survey respondents.
“Above all small businesses want simplicity in the tax system,” said Moore Stephens partner Simon Baylis.
“Additionally there is also a perception amongst SME owners that they are not operating on a level playing field with big businesses in terms of tax management.”
“Many small businesses believe that if the tax system had fewer ‘nooks and crannies’ then they could pare back some of the advantages big businesses enjoy.”