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Small company taxation review.
Businesses employing fewer than ten people should not face the same tax system as multinational companies says the Office of Tax Simplification (OTS).
It has unveiled a package of recommendations aimed at making the tax system simpler and easier to use for small companies. The administrative measures include:
- aligning filing and payment dates such as for VAT and PAYE and annual returns and corporation tax;
- HMRC providing extra support at weekends and evenings when more small company owners deal with their tax affairs;
- ending the need for companies to provide the same information to several government departments which should share the information instead; and
- looking at the feasibility of having advance clearances for VAT.
The report sets out three main areas for further work:
- testing whether taxing...
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