Business tax: Optimism 'tempered' by tax concerns
More than 90% of OMB directors see the tax burden as a threat to growth according to a survey conducted by Baker Tilly. The firm's Head of Tax George Bull said the new Government needed to be aware of 'extra sensitivity' surrounding the taxation of small and medium-sized companies.
The firm said its survey showed that reducing 'the cost and complexity' of taxation was identified as the incoming Government's main priority in helping businesses survive and grow post-recession. The survey of 200 directors of UK companies in all industry sectors with turnover of up to £50 million found that more than 80% saw tax complexity as a threat to growth.
Almost two-thirds of respondents predicted that sales would increase and 58% expected an increase in operating profits. But the firm warned that the optimism was 'tempered by serious concerns...
