The Federation of Small Businesses has presented its Budget submission to the Treasury. Whilst unsurprisingly calling on the Chancellor to assist in small firms' growth, it has also highlighted several areas of concern.
Of particular interest to the FSB is the increasing cost and intrusiveness of the inspection regime upon small businesses. The FSB believes that the revenue raised for the Government is comparatively small when compared to the size of the compliance burden small firms have placed on them. Bearing this in mind, the FSB believe that HM Revenue & Customs should review the whole risk assessment process for small businesses.
A clearer, more straightforward tax system is another measure the FSB has called on the Chancellor to create. Rather than further amending existing legislation, it believes the system should be streamlined and consolidated, building on plans previously announced in the Pre-Budget Report. It hopes this will cut out any inconsistencies and unintended effects that can presently hit small businesses so hard.
Neil Hamper, the FSB National Tax Chairman hopes these and other areas of concern will be noted. He commented: "The best way for the Chancellor to achieve his policy objectives is to work with small firms to create a beneficial business climate encouraging growth and entrepreneurship."
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