Simpler Tax for Smaller Firms

The tax system for small firms would be simplified under proposals submitted to the chancellor by the office of Tax Simplification. A report from the OTS considers three priority areas: HMRC administration, disincorporation and simplified taxation for micro-businesses with turnover under £30,000. The OTS says there is clear scope for simplifying the tax administration system in a way that will make a genuine difference for small firms. A system of basic accounting is recommended, in which simple receipts and payments accounts are accepted. The OTS also proposes a tax relief to assist incorporated small firms in disincorporating.

Article in Accounting and Business UK 04/2012.

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