A simplified tax system is what small businesses need » SMEInsider

A simplified tax system is what small businesses need

Over a third of small businesses expect to see a sustained economic recovery and a simpler tax system from the new conservative government, a recent survey reveals.

The Federation of Small Businesses (FSB) has conducted their first survey since the Conservative party were elected into government last week. The survey includes the views and opinions of 2,327 small businesses across the UK.

The economy was certainly the focus point for small business owners when they filled out their survey. 53 per cent of SME owners expect David Cameron and his cabinet to focus on reducing the regulatory burden on business. 51 per cent state that a simplification of the tax system is a necessity for SME owners during the next five years.

Small business owners were also asked whether they showed confidence in the new Conservative government. A very slim majority (51 per cent) said that they were either confident or very confident. 28 per cent of the survey said that they were either unconfident or very unconfident.

‘‘This response from FSB members shows first and foremost businesses want stability and certainty. This requires putting public finances on a sound footing, and then for Ministers to give a comprehensive vision for how they will support enterprise followed by a clear timetable for when they will deliver it,’’ said Neil Eames, development manager for the FSB.

The top 10 issues raised by small business owners are as follows:

1. Reduce regulatory burden (53%)

2. Introduce a more simplified tax system (51%)

3. Reform business rates (44%)

4. Improve the employability skills of young people (41%)

5. Deliver improved broadband / mobile connectivity (39%)

6. Help UK small businesses to create more jobs (34%)

7. Tackle late payments (33%)

8. Lower energy costs for businesses (30%)

9. Ensure better access to finance (28%)

10. Increase investment in infrastructure (26%)