An FSB and ICM survey shows that three quarters of businesses would grow their business if the tax regime was easier to understand.
Research carried out by the FSB and ICM of over 1,600 small businesses showed that 75 per cent of small businesses believe that they would be able to grow their business if the UK tax system was simplified.
Over a third (34%) of businesses surveyed said they found income tax the most difficult issue to deal with, while 52 per cent citied taxable allowances – the amount a person is taxed on – hardest to get to grips with. Over half (52%) said VAT is the easiest type of taxation to understand.
Many businesses do not feel confident dealing with tax issues, with 66 per cent employing professional help. Half of businesses spend less than two hours per week on fulfilling their tax responsibilities, but for one in 10 it takes up more than six hours of their time.
Read the full article on the FSB website.
