In recent news, it has been found that some small medium enterprises and firms, are hit with costs of up to a £10bn in tax compliance bills!
AAT members are experts at finding their way through the intricacies of tax compliance, and 80% of them are the ones who state that the UK tax system is too complicated, according to Mark Farrar, the Cheif Executive of AAT.
AAT are urging the Government to make changes to the UK tax system, so that they can address the growing trends of avoidance and evasion.
There was a survey completed with 1000 small to medium businesses, which revealed 55% think that the tax system has become more costly.
Seven out of ten small medium enterprises, say that the UK tax system is too complicated, which ends up with them spending too much time on tax issues.
The majority of small businesses are struggling and feel disadvantaged and unsupported, due to the UK tax system becoming too complicated for them to understand. Yet they are the ones that, we believe, are bringing us out of the recession, so we should be supporting them.
So isn’t it time that the UK tax system, gets a reconsideration? Let’s make the UK tax system easier, for businesses to understand – let’s not trip them up, let’s support them as they are supporting our economy.
If you are struggling with tax compliance, contact us on 01909 512 120 or info@loftusstowe.com, as we are trained to deal with any tax issues.
If you want to know more about the information above, find articles here –
https://www.aat.org.uk/about-aat/press-releases/Complexity-of-tax-system-hampering-SMEs
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