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January 28, 2011

Would you pay for a simpler tax system?

According to the Forum of Private Business (FPB), more than half of you would be willing to pay more tax in exchange for a simplified system with less red tape.

Some 57% of small-business owners would support a ‘radical tax simplification programme’ even if it meant a larger tax bill.

Major culprits for confusion and time-heavy management were National Insurance (NI), PAYE and business rates. 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 in tax, if as a result there was simplification and a reduction in a number of taxes, leading to greater profitability. Businesses feel that if certain regulations and restrictions were reduced or removed, they would be able to grow their business faster.”

In addition, the research also found that 78% of businesses felt that the tax system deters small firms from employing more staff, due to the complexity of payroll taxes and NI increases.
Inspira director Sue Higgins said: “Managing the accounting and tax requirements for any businesses is a complex and lengthy task, but it doesn’t have to be. If you are finding tax taxing, we will be able to help. To speak to one of our finance specialist, or to do discuss how our services could free up your time, call us.”

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