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OTS to carry out a further review of tax-related issues that cause complexity in the day-to-day lives of small businesses
Chancellor of the Exchequer Philip Hammond has asked the Office of Tax Simplification (OTS) to carry out a further review of tax-related issues that cause complexity in the day-to-day lives of small businesses. The OTS’s preliminary report in April (tinyurl.com/ybldefh8) found the tax system for those starting and growing a business ‘a complex patchwork’, with scope for simplification.
Mr Hammond also asked the OTS to consider practical areas such as how the tax system helps businesses to manage their cash flow or the tax administrative impact of taking on an employee.
The OTS scoping document states the review will consider the direct and indirect tax issues facing unincorporated and incorporated businesses during their ordinary operations. It will focus more on smaller businesses, particularly those with up to £2m turnover or fewer than ten employees.
