Accountancy Services
Feature
‘The Government should consider new ways to work with businesses to ensure that they feel engaged’
Midlands 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.”
Complexity and the voice of smaller businesses The survey also identified complexity as a barrier for many businesses. When asked to describe the current tax rules and regulations, almost half (47%) mid-sized businesses in the Midlands said that the tax system was too complex. The concerns were echoed by businesses outside of
the capital, notably in the North West (43%) and Yorkshire and the North East (46%), and South West (60%). Less than a quarter (23%) in London described the system as too complex. Tim continued: “Britain is at a junction as it shapes
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the economy for life outside of the European Union. Addressing imbalances between regions should be a priority of the Government and that starts with creating a tax system that is more supportive and accessible for all businesses.” Overall there is a high level of satisfaction with engagement on tax policy with more than half (58%) of businesses in the Midlands saying that small and medium-sized businesses had been adequately heard when it comes to developing tax policy. This confidence was echoed nationally, with 59% of businesses in agreement. Nearly three quarters (73%) of respondents in the region said they felt that large multi-national corporations have influenced tax policy too much. Tim added: “Clearly, there is more work to be done in
giving businesses in the Midlands 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.”
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