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The OTS has published a report calling for evidence.
The Office of Tax Simplification (OTS) has published a report and call for evidence on making the corporation tax computation more transparent. It asks whether the way the computation works is still ‘fit for purpose’ for most companies given changing work and business patterns.
Several themes have emerged as a result of initial discussions:
- Adjustments between accounting profit and corporation tax profit – where does the information gathering and record-keeping burden feel disproportionate to the tax outcome?
- Does the capital allowances regime recognise the commercial reality?
- The scheduler system – is the distinction between trading and investment companies still relevant?
- What simplification processes could be introduced to support Making Tax Digital?
- What reporting and compliance processes could be simplified?
- Simpler tax for smaller companies – could...
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