BDO’S MANAGING PARTNER has called for the UK’s tax system to be simplified, a move which would provide a catalyst for lower tax rates for individuals and businesses.
The simplified system would be based on fewer reliefs and exemptions, but would attract foreign direct investment and encourage entrepreneurs to pursue new business opportunities as headline rates of tax dropped.
“It’s really about the UK maintaining its competitiveness,” Michaels told Accountancy Age.
“Tax rates in the UK are high,” Michaels said. “We must maximise our ability to encourage inward investment and keep businesses here.
“We’ve seen some very, very large corporates leave the UK.“
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The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today