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Recent OTS reports on the alignment of tax and National Insurance and the future taxation of small companies.
KEY POINTS
- The Office of Tax Simplification published two important reports in March 2016.
- No proposals for merger but seven recommendations to align tax and National Insurance.
- Suggestions for simplifying tax and administration for micro-companies and nano-companies.
- Saving tax is not seen as a primary reason for incorporation of small businesses.
- Hybrid vehicles suggested to bridge the gap between sole trader and company.
Notwithstanding the volume of legislation that the Treasury continues to churn out as Finance Bill 2016 puts the Office of Tax Simplification (OTS) on a statutory footing there is clear impetus for the body’s work in scoping profound changes to the tax system.
In March the OTS released two significant thorough yet very readable reports recommending changes to align tax and National...
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