Following a survey of 700 mid-sized UK businesses on their attitudes to tax policy, 78 per cent claimed it was an opportunity to drive growth. The opportunities that tax policy provides were cited as: job creation (48 per cent); improving margins (39 per cent); investing in capital expenditure (35 per cent); supporting exporting (29 per cent), and attracting investment (26 per cent). Only 24 per cent of respondents said that their priority was to meet compliance requirements and 19 per cent of mid-sized businesses said their priority was to protect the bottom line. Mike Linter, head of national markets tax at KPMG, said: ?Most mid-sized businesses are on board with government strategy and appreciate the growth opportunities that a well-considered and transparent tax strategy can offer. ?While it may be a surprise to some that few companies are solely focused on protecting their bottom line, it is encouraging that the prevailing attitude is that tax policy, though incentives and reliefs, can boost employment, investment and revenues.? However, the survey also found that the complexity of tax rules is a barrier for many businesses. In fact, 38 per cent of mid-sized businesses described current tax regulations as too complex. The perception of complexity varied by region, with 60 per cent in the South West, 47 per cent in the Midlands, 46 per cent in Yorkshire and the North East believing the system is too complex. By comparison, only 23 per cent in London said the same. In addition, 72 per cent of respondents claimed that they felt large multi-national corporations have influenced tax policy too much. Linter added: ?Clearly, there is more work to be done in giving businesses of all shapes and sizes a stronger voice in shaping tax policy. The government should consider new ways to work with businesses to ensure that they feel engaged and have the chance to steer policy in a way that will foster growth and investment in this critical segment of the economy.?
This article is part of a wider campaign called the Scale-up Hub, a section of Real Business that provides essential advice and inspiration on taking your business to the next level. It?s produced in association with webexpenses and webonboarding, a fast-growing global organisation that provides cloud-based software services that automate expenses management and streamline the employee onboarding process.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.