A pressure group is strongly urging the government to finally remove the big headache posed by confusing and time consuming tax returns.
According to the Forum of Private Business (FPB), through its Chief Executive Nick Goulding, “It’s time to make tax returns less taxing. Our research shows that small business is left spending valuable time completing forms that they find confusing and over-complicated.”
Goulding asserts that it is clear that not enough effort is being done in order to give assistance to small businesses in trying to understand what their role and responsibilities are when it comes to filing tax.
Based on the FPB’s league table of taxing forms, the problematic forms were the P35’s, Self Assessment, VAT returns and the expenses and benefits. These are just some of the areas that the group hopes will be simplified in terms of administration.
Goulding issued the sentiments of the group just as the House of Lords Economic Affairs Sub-Committee started examining the effects for tax administration following the Budget.
Goulding further said that “the impact on our members is twofold, they are already over taxed but they also have to deal with the implications should the complicated nature of their tax administration lead to mistakes.”
The group maintains that the government has been slow in acting on the issue and that it is not doing enough to help small businesses fully understand what they need to do when it comes to filing their taxes.
Some company formation and business solutions professionals are also calling for the simplification of the system as it could spur more businesses to file their taxes earlier and also compel those that are intimidated by the process to actually file their taxes.