Businesses Willing to Pay For Simpler Tax

Almost two thirds (62%) of businesses would accept higher taxes in exchange for the simplification of the current tax system, a new survey reports.

A survey carried out by BDO has found that most businesses would support paying more taxes if it meant a simpler system.

Tax simplification was desired across the board by 60% of the 450 respondents, who said that they wanted to see everything from merging income tax with NICs to the gig economy addressed.

Paul Garvet, tax partner at BDO insists that the complex tax code is becoming a serious obstacle to growth for UK businesses. With Brexit uncertainty continuing to affect business confidence, Garvey urges that simplifying the tax system would show businesses  that the government is on their side.

In August, chancellor Philip Hammond wrote a statement agreeing with the Office for Tax Simplification, who said that the tax code for smaller businesses needed to be made simpler.

Hammond will announce his plans in his Budget this coming Wednesday.

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