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Over-complex tax rules 'put the brakes on small businesses'
Three-quarters of small businesses in the UK believe their growth is being slowed by too much red tape, according to a recent survey by the Federation of Small Businesses.
The majority of those polled said they saw the country's corporation tax system as a barrier to growth, with 52 per cent saying taxable allowances were the most complicated and 34 per cent finding income tax the most difficult issue to deal with.
Steve Hughes, economic advisor at the British Chambers of Commerce, said firms often need to seek professional help and advice to aid the management of their corporation tax responsibilities.
"In this respect, the government should always bear in mind the disproportionate burden that falls on the UK's smallest firms as a result of the changes that they impose," he added.
"Technological advances should help and be taken advantage of."
Small and medium-sized enterprises account for 99.9 per cent of all businesses in the UK, according to figures from the Department for Business, Innovation and Skills.
Posted by Jon Cummins.
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