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U.K. Small Businesses Urge Chancellor To Simplify Tax System

The Federation of Small Businesses urged Chancellor George Osborne to simplify the tax system, and to improve access to finance.

Also, the small businesses' lobby urged Osborne to provide incentives to create new jobs, in his Budget to be presented on March 20.

The Chancellor must also ensure that the work being done to simplify the tax system is not watered down. The current proposal to permit small firms with a turnover of less than GBP 77,000 to provide cash-based accounts is a major deregulatory step and one the FSB believes will increase compliance, it said.

Businesses cite finance and access to long-term capital as key barriers. They urged Osborne to put clear plans for the Business Bank.

"What we need to hear on 20 March is not more small-scale policies which tinker at the edges but measures that will have a tangible effect both immediately and in the long-term," said John Walker, National Chairman, Federation of Small Businesses said.

by RTT Staff Writer

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