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We love to hate taxes

Author: Henry Ejdelbaum

Tags: AIMS, AIMS Accountants, Billioniares, Election, IHT, income tax, Tax

While most of us don’t eat, sleep and dream about taxes we just can’t get away from them. Of course there is a need for them as we need to make sure we live in a fair society; I am sure nobody disagrees, but why is there always so much debate about tax (especially with an upcoming election). So we have this dilemma – everybody agrees that we all should pay a fair share of tax and yet so much energy and effort is used to avoid paying tax.

I think a key step in resolving the problem is to make taxes ‘simpler and more transparent’; this does not mean to tweak a few rules here and there (and then introduce new tweaks to fix the mistakes in the original tweaks). It means a simple and straight forward taxation system – for example an idea I read last week was for a flat IHT of 10% with no ifs and buts.

Tax should not be used to ’bash the rich’; wealth creators are important for the economy. But reading that Britain has now 100 or so billionaires I just wonder how many of them do pay income tax in the UK. If they all do then brilliant and if they don’t, well not so brilliant.

What is your opinion? We’d like to hear from you.

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AIMS Accountants for Business are the largest independent association of professionally qualified accountants in the UK specialising in accountancy for small, local and independent businesses.

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