Ahead of 28 October, accountancy bodies and firms are urging chancellor John Healey to use his maiden Budget to simplify the tax system, remove complex reliefs, create a single corporation tax rate, review damaging VAT cliff edge and cut national insurance for under 25s.
Tax simplification
Jonathan Hickman, tax partner at BDO, said: ‘Simplifying the tax system will be one of the most effective steps the government can take at the Budget to reduce the regulatory burden and support growth in every postcode.’
Accountants at BDO called for a ‘moratorium’ on business tax increases and no new red tape until the end of the parliament in 2029. They also want simplification of corporation tax as a priority with calls for removal of marginal rates with the long-term ambition to cut the 25% rate to 21% to improve competitivity.
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