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Complex tax laws hindering small firms

Small and medium-sized businesses are being hindered in growing their firms due to confusing tax laws, according to data released by the Federation of Small Businesses (FSB).

Three-quarters of small businesses surveyed by the Federation of Small Businesses and business research group ICM believe they could grow their business if the tax system was simpler.

Just over half of respondents said taxable allowances was the hardest issue to understand, while 34% said income tax was the most difficult issue.

"As we head towards a general election, the message from small business is clear: the incoming government must think small first and get conditions right for entrepreneurs and small businesses to thrive," said John Wright, national chairman of the FSB.

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Post Date: March 1st, 2010