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01/12/2009

Grant Thorntons Tax Reform

Accountancy firm Grant Thornton have hosted a debate regarding the merits of the UK tax system, signifying the launch of the company’s personal ‘tax manifesto’. The meeting was chaired by the managing partner of Grant Thornton’s Sheffield office, Garry Meakin, and discussed topics ranging from VAT changes to tax evasion issues. Mr Meakin commented that changes need to be made to re-ascertain robust public finances.

Local Parliamentary representatives and economic professionals answered questions put forward by business associates from across Sheffield. One of the popular topics discussed was the UK pension deficit. Grant Thornton, supported by Senior Corporate Finance and Tax lecturer John Parker, suggested the deficit could be reduced by raising the retirement age to 70, a recommendation approved by nearly 80% of the guests.

Local businesses also stated that they would like to see the UK tax system simplified, and designed to become more transparent, to lead to more economic growth and to increase the employment rate.