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A new report titled Britain unlocked: A Tax Code for Global Ambition has called for changes to the “punishingly complex” UK tax system.

The report, created by the Prelude Group, the Institute of Directors and Grant Thornton, argues Britain is failing to help small businesses scale up due to the “labyrinth” of taxes and reliefs.

The study made a number of recommendations to the current tax system, which targeted the “pinch-points” that prevent start up growth and job creation.

The recommendations made included extending National Insurance relief to incentivize recruitment, removing the cap on entrepreneurs’ relief to encourage continued growth and consolidating all existing share schemes into one online scheme.

More Flexibility

Most importantly the report urged HMRC to introduce more flexibility for small businesses during “crucial periods of growth” to encourage hiring.

Other practical changes included in the report were doubling the SEIS threshold to £300,000 and introducing a new markets tax relief to reduce the costs of entering a new market.

The report also suggested raising threshold for quarterly Corporation Tax payments from £1.5 million to £5 million and allowing annual payment to help improve cash flow.

Stephen Herring, head of taxation at the Institute of Directors, said: “Companies have a responsibility to pay into the system on which they depend for their success. At the same time, the Government should focus on creating simple and fair taxes that boost innovation and business creation.”

He added: “There is no such thing as a perfect system, but in this report we put forward measures which will help a wide variety of entrepreneurial businesses become job-creating machines, increasing economic growth and revenues for the Treasury.”

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Stephanie Whalley

Serial snacker, compulsive cocktail sipper and full time wordsmith with a penchant for alliteration, all things marketing and pineapple on pizza.

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