Matthew Taylor, the Lib Dem’s shadow chancellor, interviewed in Accountancy Age this week, said that NI was over complicated for businesses to administer adding that it would be best ‘brought into line with income tax’.
‘There is currently a massive burden of NI compliance,’ said Taylor. ‘The system is very complicated for business and the costs to the government and business literally runs into billions of pounds. However, we cannot see any change in sight, especially as Gordon Brown has pledged not to push up income tax.’
Taylor has placed consultation with accountancy firms at the centre of Lib Dem policy on what to do with the tax system. He also believes that taxpayers should be sent regular reports explaining what their tax contributions are being spent on.
This was a suggestion that Sir Nick Montagu, head of the Inland Revenue, has already hinted could be considered in the future.
Read the whole interview with Matthew Taylor in this week’s Accountancy Age and at AccountancyAge.com on Thursday.
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