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Small Firms Call For UK Tax Reform

by Robert Lee, Tax-News.com, London

11 March 2015


The UK's Federation of Small Businesses (FSB) has called on the Chancellor to avoid pre-election giveaways in his upcoming Budget and instead focus on tax simplification and business rates reform.

In its pre-Budget submission, the FSB points out that the administrative costs of meeting tax obligations are unnecessarily high. It suggests that, with a new HM Revenue and Customs (HMRC) IT system planned, the administrative process could be streamlined. The FSB supports the recommendations of the Office for Tax Simplification (OTS) for a single tax account for small businesses and for monthly payments.

The FSB also regards the Budget as an opportunity to publish the details of the structural review into business rates announced at the 2014 Autumn Statement. The FSB says that the terms of reference must be sufficiently broad, to allow a review that will address what it argues are a plethora of issues and injustices.

John Allan, National Chairman for the FSB, said: "The improving outlook for the UK economy is starting to be felt beyond the boardroom with low unemployment, increasing wages and buoyant business confidence amongst our members. In many areas, the foundations are in place. What we now need is to allow the reforms that have been made to bed in, and finish the roll out of those recommendations and reforms still needing to be put into action."

Chancellor George Osborne will deliver his final pre-election Budget later this month.

TAGS: compliance | tax | small business | business | tax compliance | Federation of Small Businesses (FSB) | United Kingdom | unemployment | tax rates | HM Revenue and Customs (HMRC) | tax reform | trade association | HM Revenue and Customs (HMRC) | trade

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