Ahead of the Chancellor’s Autumn Statement next month, a group of key business and institute leaders have put their signatures to a letter appealing to government to simplify Britain's tax system which is "punishingly complex" and "does not sufficiently distinguish between small and medium-sized businesses and multinationals or recognise the impact of small businesses on job creation".
The letter calls for corporation tax, business rates and tax reliefs for private companies to be reformed, stating: “While the UK is a great place to start a business, with more than half a million founded last year, the number that succeed in growing significantly is still relatively small. Our tax code, which now stretches to 20,000 pages, represents a significant challenge to our most ambitious companies.”
The Institute of Directors will today be publishing a report today outlining its proposals for tax reforms, including the replacement of corporation tax with a simplified "SME tax".
Whilst the calls for the system to be simplified are welcome, the tax environment remains convoluted and confrontational for SME businesses. At Beavis Morgan, we understand the demands placed on SMEs and we know that no two situations are the same. We therefore work at understanding you, your business and its unique issues and provide advice and solutions to help you improve your net worth and increase growth and profitability.
Our diverse team of tax professionals that are committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.