Most small companies think UK tax system is too complex
The vast majority of the UK's small companies feel that the current tax system it too complex, and would like to see it simplified, according to a major survey of over 2,000 business owners.
The Sage UK Omnibus surveyed 2,000 small and medium sized enterprises (SMEs) from the company's 800,000 strong UK customer base in March 2010. It found that 77% of UK SMEs feel that the current system is preventing them from taking advantage of tax benefits and breaks.
The research also highlighted that 60% of those small business questioned did not know what entitlements they may be suitable for.
While many experts see SMEs as the engine for economic recovery and a key battleground in the upcoming election, many small businesses find the complexity of the tax system frustrating. Research found that 72% of small businesses thought that the tax system was actually acting as a barrier for start-ups.
Jayne Archbold, MD of Sage’s Accountants Division said;
“Our research shows that there is a lot of confusion amongst the UK business community about the current tax system and this is, understandably, leading to frustration. At times of economic uncertainty, knowing what tax benefits and breaks your firm is entitled to can make the difference between success and failure. Small business owners that don’t speak with their accountant on such matters are putting their business at real competitive disadvantage.”
Posted May 4, 2010
- Free Accounts Software for small businesses - Download TAS Basics Now!
- Starting Up? Get 18 months free banking, and much more from Lloyds TSB!
- Home Business Insurance - Save money with Direct Line for Business. We guarantee to beat any quote for the same cover. Immediate quote available.
