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January 24, 2014

Tax databases ‘unfit for 21st century’

PwC found that businesses cannot cope with current tax regulation.

By Claire Vanner

73% of UK bosses believe the present tax system is unfit for the 21st century, questioning if the databases in place are sufficient to handle the information.

72% of these boss also argued that that any efforts to reform it will be in vain, according to PwC’s annual survey.

If the tax system is unfit for big business, the problems for microbusiness are likely to be far worse.

In response, Chris Bryce, CEO of PCG said: "We wholeheartedly agree with big businesses when they say that the system is not fit for purpose. Independent professionals face a taxation system mired in red tape and what’s more, they do so without the huge resources bigger businesses can devote to coping with it.

"The way we choose to work and do business is changing. There are now 1,500 people choosing to go freelance every week in Britain and the UK’s 19th century tax system needs to be rewritten for the 21st century way of working."

 

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