ICAEW plea for simpler tax regime
Simplifying small business taxation and getting banks to increase their lending to small firms to keep them viable must remain at the top of the Government agenda, a top accountant has said.
Speaking at the annual dinner held by Birmingham and West Midlands Society of Chartered Accountants, ICAEW President Martin Hagen, said: “We are very supportive of measures to get the banks lending to small businesses again.
“Our members report that while the environment has improved from the trough of last year, there are still many viable businesses that are not able to get the finance they need to grow.
“We do not want any recovery choked off by removing support from businesses at this time.
“We believe that small business taxation must be a priority for simplification efforts.
“However, we all know that tax simplification is important across the tax system, from charity to personal taxation and so we argue that a wide range of experts should be represented on the commission, to help achieve the shared objective of a less confusing and less costly tax code in the UK.”
“The ICAEW has, I believe, made an important contribution to the policy debate with our General Election Manifesto, launched at the party conferences last autumn.
“In it we seek to make a number of practical recommendations to help government provide the greatest value for taxpayers and an environment conducive to enterprise.
“The manifesto includes proposals on financial discipline across the public sector, tax simplification, enterprise policy, ethics in business, supporting environmental sustainability and restoring trust in financial services.”
“In addition, we would still like to see a greater emphasis on corporate governance reform in Whitehall.
“The Budget did not go far enough to improve the transparency and accountability of UK public spending decisions.
“We must not miss the opportunity this crisis has given us for long-term reform of public service delivery and expenditure.”
