TaxCorporate TaxBDO chief says simplification would drive down “high” tax rates

BDO chief says simplification would drive down "high" tax rates

Simon Michaels, BDO's managing partner, says the complexity must be stripped out of the UK's tax system to encourage inward investment and keep companies onshore.

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.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson