Over half of accountants believe UK tax reforms are needed.
- 56.1% call for lower business taxes to boost SMEs’ growth.
- 53% suggest targeting tax evasion by multinational firms.
- Calls intensify under the new Labour government’s tenure.
- Research by FreeAgent highlights urgent legislative needs.
In a push for economic improvement, more than half of UK accountants are advocating for tax reforms aimed at supporting small and medium-sized enterprises (SMEs). A survey reveals that 56.1% of respondents see lowering business taxes as a critical government priority. This perspective is driven by the belief that reducing taxes will provide much-needed relief and stimulate growth for SMEs across the country.
Furthermore, 53% of accountants suggest that the government should focus on addressing tax evasion and avoidance by multinational businesses. This approach is seen as a way to create a more equitable tax landscape, ensuring that large corporations contribute their fair share, while easing the burden on smaller businesses.
These demands come as the new Labour government takes office, with expectations rising for the implementation of policies that favour local businesses. Accountants hope that legislative reforms will simplify tax laws, making compliance easier and more straightforward for SMEs.
The research, commissioned by the accounting software company FreeAgent, underlines the urgency of these reforms. As SMEs continue to face financial pressures, the call for supportive legislation becomes more pronounced.
The findings emphasise the pressing need for tax reforms to empower SMEs and promote fair taxation.
