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Retailers Attack UK Tax Laws
Listed under: News
Published: Wednesday, February 03, 2010
More than two thirds of small business owners in the UK believe the tax system in this country is presently unfair, with approximately 50% of enterprises claiming it currently favours the interests of larger companies over independent outlets, according to a recent report from business support group, the Forum of Private Business (FPB).
The research highlights the growing dissatisfaction with the current system, which is presently considered one of the most complex and complicated in the world. Questioned about the key issues they would like to see take precedence when enforcing new laws in the UK 43% of respondents said they would like to see 'fairness' at the top of the Government's agenda this year, followed closely by 'simplicity', which accounted for approximately one in five of responses submitted.
The findings also reveal that 13% of small business owners would like to see the current tax system reformed to make the UK more competitive on an international level, with 45% of those questioned admitting their tax burden was presently a 'very serious' concern.
Commenting on the research, Phil McCabe, spokesperson for the FPB, says, “Our members believe they are bearing an unfair tax burden because of the moderate sizes of their businesses. The complexity of the British tax system is not only time-consuming and frustrating, it also puts small firms at an instant disadvantage. Big companies have the expertise and resources to understand the system and minimise their tax burden. For most of our members, hiring an outside tax consultant represents a significant cost few can afford, especially in the midst of a recession."
Highlighting the importance of the upcoming election, Mr McCabe adds, "Whichever party comes to power, we would like to see it lay the foundations of a bold new tax environment where small firms are rewarded, rather than unfairly penalised, for the huge contribution they make to the British economy."
Expressing his frustration with the current system, one respondent told the panel, "Nothing is ever done to support and encourage small businesses. We are lumped in with larger enterprises and corporations which, for obvious reasons, are much better-placed to deal with increased taxation and employee legislation."
What do you think about the current tax laws in the UK and how have they affected your business? Email your thoughts to .(JavaScript must be enabled to view this email address)
The research highlights the growing dissatisfaction with the current system, which is presently considered one of the most complex and complicated in the world. Questioned about the key issues they would like to see take precedence when enforcing new laws in the UK 43% of respondents said they would like to see 'fairness' at the top of the Government's agenda this year, followed closely by 'simplicity', which accounted for approximately one in five of responses submitted.
The findings also reveal that 13% of small business owners would like to see the current tax system reformed to make the UK more competitive on an international level, with 45% of those questioned admitting their tax burden was presently a 'very serious' concern.
Commenting on the research, Phil McCabe, spokesperson for the FPB, says, “Our members believe they are bearing an unfair tax burden because of the moderate sizes of their businesses. The complexity of the British tax system is not only time-consuming and frustrating, it also puts small firms at an instant disadvantage. Big companies have the expertise and resources to understand the system and minimise their tax burden. For most of our members, hiring an outside tax consultant represents a significant cost few can afford, especially in the midst of a recession."
Highlighting the importance of the upcoming election, Mr McCabe adds, "Whichever party comes to power, we would like to see it lay the foundations of a bold new tax environment where small firms are rewarded, rather than unfairly penalised, for the huge contribution they make to the British economy."
Expressing his frustration with the current system, one respondent told the panel, "Nothing is ever done to support and encourage small businesses. We are lumped in with larger enterprises and corporations which, for obvious reasons, are much better-placed to deal with increased taxation and employee legislation."
What do you think about the current tax laws in the UK and how have they affected your business? Email your thoughts to .(JavaScript must be enabled to view this email address)
