Small busineses to benefit from tax overhaul, says PwC
Tax experts at PwC in the East Midlands have welcomed the Treasury’s commitment to reducing the tax regime’s administrative burden on small businesses.
David Gauke, exchequer secretary to the Treasury, has asked the Office of Tax Simplification to identify and review the most "problematic and frustrating" tax hurdles encountered by small businesses and potential entrepreneurs.
Richard Farnsworth, private business expert at PwC in the East Midlands, said: "As things stand, small manufacturing companies in the East Midlands are potentially subject to the same tax rules as the largest multinational and they also face additional anti-avoidance legislation. Small and medium-sized businesses are obviously much less able to spare the resources to deal with the issues.
"But the scale of the task is considerable and is going to require constant attention and, at some point, some difficult decisions in order to make progress."
