The commission, chaired by Lord Forsyth, has proposed reductions in business tax rates and simplifications to the tax system as a whole, which would be beneficial for the UK’s 4.3 million small businesses. (See Tories promise to rebalance tax regime - Hardhatter, October 2006)

The Federation of Small Businesses (FSB) claimed that the current complexity of the tax system leaves many small firms confused about their obligations and unsure of the benefits and incentives that are available.

John Walker, FSB Policy Chairman, said: “The FSB will support proposals to simplify taxes for small businesses in the UK no matter which political party they come from.

“Small businesses have far less time and far fewer resources than their big business counterparts to handle complicated tax calculations.

“If proposals such as these were implemented, small businesses would be freed up to generate more wealth and employment for the UK economy, to which they already contribute over 50 per cent of GDP.”

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Susie Hughes © Hardhatter 2006
The Editor