Small businesses are wasting time trying to deal with an overly complicated tax system, it has been suggested.
Andrew Hubbard, immediate past president of the Chartered Institute of Taxation, observed that there are many inconsistencies in tariff legislation and said that frequent changes to already complex tax rules mean that companies are spending too long resolving related issues.
The recent establishment of the Office of Tax Simplification is the realisation of a promise made by the Conservative Party before it came to power.
During the first 12 months, officials will attempt to simplify tariff requirements that affect small enterprises, as well as addressing tax reliefs.
Mr Hubbard argued that levies should be made easier to deal with to avoid businesses spending too long on them, saying that improved stability in the system would reassure an individual thinking of setting up a commercial venture that taxes would remain the same for at least five years.
Financial News
Small businesses 'lose time' due to complex tax system
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