Sheffield businesses want the UK tax system radically overhauled.
Businesses taking part in a debate, hosted by accountants Grant Thornton said they want the system simplified, made more transparent and designed to boost the economy and get people back to work.
Representatives of businesses from across the city posed questions to a panel of local Parliamentary candidates and economics experts on a range of subjects, from the forthcoming VAT changes to international competitiveness, unemployment, skills and tax evasion.
Attendees had their say on topics covered in the debate through an interactive polling system.
Garry Meakin, Managing Partner of Grant Thornton's Sheffield office, chaired the debate, which marked the launch of Grant Thornton's own 'Tax Manifesto.'
He said: "The political party successful in the 2010 general election will inherit the challenge of re-establishing sound public finances. Difficult decisions and tough choices will need to be made to rebuild confidence in the economy and to deal with public debt.
"Our experience as tax advisers, independent research and feedback from our clients clearly shows that the UK tax system needs to be simpler, fairer, and more transparent, and our tax manifesto sets out pragmatic changes which could be used as a launch pad to rebuild the UK economy."
Hot topics for debate, included the pension deficit, which Grant Thornton suggests could be alleviated by raising the retirement age to 70 or introducing a graduated National Insurance Contribution scheme.
John Parker, senior lecturer in tax and corporate finance at Sheffield Hallam University, favoured a rise in the retirement age.
He said: "We will need to increase the retirement age to fund the pension deficit. If the Government brought in a graduated National Insurance Contribution scheme people would almost have to pay to come to work by the time they are 60."
Neil Messenger, Head of Financial Planning at Grant Thornton suggested that directly linking the retirement age to average life expectancy would be a better solution, taking the issue away from the political arena and fixing costs – a proposal supported by 77 per cent of the audience.
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