Simpler and easier tax for small companies.April 18, 2016 // No Comments
The Office of Tax Simplification (OTS) recently announced recommendations aimed at making the tax system simpler and easier to use for small companies. These incorporated micro-businesses, employing less than ten people, currently face the same tax system as large companies with hundreds of employees and turnovers of many millions. The OTS believes this is disproportionate and makes recommendations to start overhauling the system to make it work better for small businesses.
The recommended administrative changes include:
- aligning filing and payment dates eg VAT and PAYE, and annual returns and corporation tax
- HM Revenue and Customs providing extra support at weekends and evenings when more small company owners deal with their tax affairs
- stopping companies providing the same information to various government departments who instead should share the information
- looking at the feasibility of having advance clearances for VAT
You may read the full report here.