Figurehead calls for less tax changes and regulations

The UK's small business sector would benefit from less tax changes and regulation, an industry figurehead has claimed.

A representative of the Institute of Chartered Accountants in England and Wales (ICAEW) has said that as well as relaxing regulations, the government should also pay the small firms it works with on time.

Recent research by the ICAEW found that nearly 40% of small businesses felt they were being held back by unnecessary regulations.

Clive Lewis, head of SME issues at the ICAEW, said: "Regulation is a significant barrier to growth… [as is] constant change in… taxation, so we are hoping that [the] government will realise that businesses need to be totally focused on making a business successful and surviving."

The Institute's research also found that businesses in Scotland were the worst affected by the credit crunch, with 73% stating that it had had a negative impact on their firm.

Liberal Democrat leader Nick Clegg yesterday (8 October) called for the government to close "tax loopholes" that only existed to benefit the wealthy.