Well over half (57%) of business owners surveyed by the FPB said they would be willing to pay more tax in exchange for a simplified system that led to greater rewards.
Meanwhile, 50% said they would be prepared to pay more under a simplified system if it helped to prevent competitors avoiding tax.
Finally, 45% of business owners on the Forum’s Tax and Budget member panel said they would tolerate a higher tax bill under a simplified system if this were accompanied by a general reduction in legislative red tape.
The FPB’s findings come after the Coalition Government announced the creation of the Office for Tax Simplification last summer. The Office is a Treasury department, which is currently working on tax simplification proposals ahead of the March budget.
Forum chief executive Phil Orford said: “The cost of complying with Britain’s hugely complex tax system is such that, if simplification and profitability result, most businesses believe a little more tax would be a price worth paying.
“Clearly, if the Government is serious about stimulating small business growth, streamlining tax administration must be a priority.”
