A leading accountancy firm has called on the political parties to help IT contractors by being more transparent about their tax policies in the build up to the general election.

BDO wants the next government to introduce cuts in business rates and a significant reduction in corporation tax - measures which will encourage growth in the business and employment markets.

There should also be clearer tax guidance for individuals such as IT contractors, as well as a more attractive tax structure for budding entrepreneurs, the company claims.

"Just because neither business nor the individual tax payer can realistically expect significant tax cuts for the foreseeable future, this does not mean that tax reform and tax simplification should not feature as significant grounds for debate between the parties," said Stephen Herring, senior tax partner at BDO.

It is important that it is made clear before the election what the political parties will do to bring down the fiscal deficit, Mr Herring added.

The Conservative Party's opposition to the government's proposed rise in national insurance contributions now has the backing of 103 major UK business leaders, the Guardian reported yesterday.