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With tax regulation producing even more red tape for small firms, the Forum of Private Business has written to the government to complain about 'mistreatment' of SMEs whilst large corporations enjoy 'sweetheart' deals.

In the letter to Exchequer Secretary to the Treasury David Gauke, the FPB focussed on the rising fines imposed by HMRC on small companies who are late with their payments or make small errors or omissions in their accounts.

Chief Executive of the FPB, Phil Orford stated, "Operating such a strict, punitive small business records checks regime while effectively allowing large companies to do as they please is completely unfair."

It has been estimated by the Public Accounts Committee that big business could owe more than £25 billion in unpaid taxes, whilst HMRC's own records show that up to 88% of tax regulation only applies to SMEs.

The FPB is calling for simplification of the tax system, so that small companies can better understand and comply with tax regulation.