Overly complex tax system is tripping up small companies
HMRC announced that it has collected an additional £737.3m from investigations into companies over tax avoidance and errors relating to employer compliance, with SME’s in particular being hit.
Such companies account for more than half of the additional tax collected in 2014/15 despite being responsible for only 11% of overall UK payroll while (to put this in context) larger businesses are responsible for 89% of payroll but less than half of additional payroll taxes and penalties.
It seems that much of the underpaid tax is due to genuine errors due to the complexity of the system.
Is it time to make life simpler for SME’s?
Date: 6th June, 2016
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