A new report has set out a series of recommendations for overhauling the tax system, which the authors believe would deliver massive improvements for the UK’s entrepreneurs.
In its study, The Prelude Group outlines a number of suggestions which it believes could boost job creation, business growth and investment nationwide.
The organisation concludes that HM Revenue & Customs (HMRC) need to do more to promote awareness of the tax reliefs available to businesses and include details on how companies can take advantage of the rules in correspondence.
A number of changes to the existing regime have also been suggested. These include extending National Insurance Relief, increasing the SEIS threshold to £300,000 and removing the cap on Entrepreneur’s Relief.
The group has also called for a consultation on whether to replace Corporation Tax with a more straightforward small business levy.
Stephen Herring, the head of taxation at the Institute of Directors (IoD), was among those to contribute to the report.
He said: “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.”