Tax – what’s the point?

/ Tax

Author: Henry Ejdelbaum

Tags: equality, Tax, tax system

Nobody loves taxes. Not even us. Whilst most of us don’t eat, sleep and dream about taxes, the simple fact is that we just can’t escape them.

Whilst most people would agree that taxes are essential to support the infrastructures that make societies safe, it’s very difficult to get people to form a consensus on them. This is especially relevant giving the upcoming snap election Mrs. May has announced.

Tax is a social divider.

Tax getting worse means tax getting more complicated. We want to take away the headache that is tax — all the alterations, changes and tweaks — and make your life easier. It’s our job to understand the rules.

Here, then, lies the dilemma: (almost) everybody agrees that we should pay a fair share of tax, and yet there are some who will go to extreme lengths to avoid doing so.

I believe that a key step in finding a solution that appeases everyone is to make taxes ‘simpler and more transparent’; this does not mean tweaking a few rules here and there (and then tweaking the rules to fix the mistakes in the original tweaks). What I believe is that we should have a clear and straightforward system of taxation.

Tax should not be used to ‘bash the rich’. We can’t penalise successful wealth developers, especially when their achievements contributes to the growth of our economy. When reading that Britain now has 100 or so billionaires, I can’t help but wonder how many of them pay income tax in the UK.

If they all do, then this is brilliant news… but we can’t be naïve.

At AIMS, we believe that your business should be free of thoughts about tax. We focus on the numbers so that you can focus on what matters the most: running your business.

AIMS Accountants for Business – if you like the way we think you’ll like the way we work.