Firms back tax change

Posted on 17 Feb 2014
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Firms call for tax year reformBusinesses have backed calls for the tax year to fall in line with the calendar year in a move that would simplify the system and bring Britain in line with global peers. A poll of 500 SME leaders saw 91% say they support moving the date for filing tax documents, saying that while the switch would require careful planning, the inevitable short-term disruption would be worth it to deliver a tax system fit for the 21st century. Amid the calls for the start of the tax year to be moved from April 6 to January 1, the British Chambers of Commerce has said doing so could simplify the wider tax system. The survey came after the Office of Tax Simplification revealed it was exploring shifting the end of the tax year from April 5 to either March 31 or December 31. The poll also saw SMEs say they wanted further tax incentives to encourage them to grow, with 53% calling for the super-deduction policy offering money back on certain investments to become permanent.

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