Finance directors put their weight behind calls for simplification of the UK’s employment taxes this week with almost two thirds supporting the idea of merging income tax with national insurance.
The findings followed the end of a one-year consultation on the idea by tax officials.
An emphatic 64% of FDs from small and medium-sized companies voted to combine the two systems, with their demands focusing on making the system more transparent and reducing administration.
‘It all goes into one pot so they may as well just take one levy,’ said Julian Aldridge, finance director at Northampton Chamber of Commerce.
‘National Insurance is treated as a tax and I do not see any reason why it should not be seen as such,’ said another FD.
Less than a third of FDs said the system should stay as it is, while 10% remained undecided.
‘The way the NHS is going it will all probably go to a private scheme.
By maintaining NIC separately at least you can see where it is going,’ said Mona Curtis, FD at Datamex Computer Services.
Support grows on tax move www.accountancyage.com/Tax/1110256.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice