ICAEW: keep budget free of surprises
No new taxes, please
The ICAEW has urged in its budget submission that the chancellor avoid big
tax changes.
Chief executive Michael Izza said that unforseen changes would result in
administrative headaches for businesses who are already going through a rough
time.
Businesses have already been hit with unexpected tax changes since the onset
of the recession, including the temporary VAT cut and a last-minute decision to
reduce this year’s annual increase in business rates.
Lobby groups like the Institute expect the government to expand the number of
businesses qualifying for its small business rate relief scheme. It allows
eligible businessese to reduce the rates bills due on premises with a value
between £5,000 and £15,000.