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ACCA: Simplify complex tax schemes to boost business start-up growth
Simplifying the tax system is the greatest boost the government could give entrepreneurs, according to ACCA (the Association of Chartered Certified Accountants).
In response to a HM Treasury consultation Tax support for entrepreneurs, ACCA says entrepreneurs and investors are put off investing in their businesses by tax complexity, administrative costs and the compliance burden.
ACCA welcomes the UK government focus on supporting entrepreneurs and recognises that many of the existing tax breaks does help the start-up sector.
Gemma Gathercole, strategic engagement lead, ACCA UK, said: “Existing tax support can have a significant impact on available and accessible start-up and scale-up capital.
“However, we believe more needs to be done not only in removing cost and compliance complexity but in focussing existing schemes on high priority sectors.”
