According to recent research from the Federation of Small Businesses (FSB) three in four firms are being held back by overly complex tax rules.
A total of 34 per cent of firms questioned by the FSB said income tax was the most difficult to deal with, with 52 per cent citing taxable allowances as difficult to comprehend. However 52 per cent said VAT was the easiest type of tax to understand.
What I find most amazing is that only 66 per cent of firms questioned employed professional help - what did the remaining 34 per cent do? Bury it under the carpet? Or try and muddle through it, earning countless fines in the process no doubt?
The FSB laments that one in 10 businesses spend up to six hours a week sorting out their tax issues.
But forgive me for being a little slow here and seeing this as a slight non story. Isn't that what accountants are for?
As much as I dislike this present government and all that they have done to this country - tax is a fact of life if you are a business and there is no way around it (unless you up sticks to a tax-free economy like the big boys have). SMEs are caught between a rock and a hard place and they have to pay up.
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