SME taxation takes up time of those in financial services jobs

An ever-changing taxation regime is taking up the time of small and medium-sized enterprises' owners and the people in related financial services jobs, according to the Chartered Institute of Taxation.

Immediate past president Andrew Hubbard says: "Small businesses and their advisers will spend a lot of time playing around with the numbers, trying to work out the best way to structure themselves, as opposed to getting on with running the business."

This is due to the changing taxation landscape for small businesses, with some fairly complex rule updates over the past year for people in financial services jobs that serve commercial customers to attempt to understand.

For instance, Mr Hubbard notes that being self-employed has advantages including the biannual nature of paying tax - rather than through the pay as you earn system - and the greater opportunity to claim financial relief due to expenses.

He adds that greater stability is needed in small business taxation, in order that firms might be able to plan for the long term with greater confidence.

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Updated: 26 July 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.