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The Federation of Small Businesses (FSB) has welcomed proposals by The Tax
Reform Commission to simplify business taxes.
The commission has proposed reductions in tax rates and simplifications to the
tax system as a whole, which would be beneficial for SMEs.
The current complexity of the tax system leaves many small businesses confused
about their obligations and unsure of the benefits and incentives that are
available.
John Walker, FSB policy chairman, explained: “The FSB will support proposals to
simplify taxes for small businesses in the UK no matter which political party
they come from.
“Small businesses have far less time and far fewer resources than their big
business counterparts to handle complicated tax calculations.
“If proposals such as these were implemented, small businesses would be freed up
to generate more wealth and employment for the UK economy, to which they already
contribute over 50% of GDP.”
Source:
RedAlert
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