Businesses pay more tax than ever
Almost 80% of businesses are paying more tax than ever, according to researchproduced by the Institute of Directors.
With a month to go before the Budget the IoD research indicates that the vast majority of employers are considering cutting and investment due to the growing tax burden.
‘At a time when taxes have increased, and are set to increase yet further, our survey reveaks widespread discontent with current UK fiscal policy and the administrative burdens which accompany it,’ said Derel Brownless, tax executive at the IoD.
The survey showed 79% of businesses more tax with only 3% paying less. Around 77% are spending more time and money on tax releated administration.
‘So not only is the rising tax burden discouraging investment and holding back growth, it is also distracting employers from doing what they do best – running their businesses – and is instead turning them into unpaid tax collectors and administrators,’ said Ruth Lea, head of the IoD policy unit.