|
|
11 Jul 2008
The Professional Contractors Group has warned small business taxation is getting close to ‘dangerous territory’ and taxpayers’ willingness to comply with their legal tax obligations would weaken as anger against the present tax system increased.
The group blames HM Revenue & Customs’ rhetoric over avoidance in part for a ‘breakdown in relations between the tax authority and small business in recent years’.
PCG has called for an overhaul of the tax regime, criticising its complexity, uncertainty and ‘sometimes strange and inconsistent tax outcomes’, particularly the retroactive impact of the latest changes or proposals such as the simplification of capital gains tax (CGT) and rules designed to stop ‘income shifting’ in family-run businesses, the Financial Times reports.
PCG, which has 16,500 members, was formed in 1999 to lobby against a tax change affecting freelancers and it backed the husband-and-wife team behind Arctic Systems, who won a legal battle last year against the government over income shifting.
Further reading:
Fair family business tax is 'mission impossible'
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
Fundamental unfairness!
HMRC are rigorously imposing independent taxation, as evidenced by the income shifting regulations, and yet when it comes to benefits, tax credits, pensions etc the independent principle goes out of the window and all of a sudden everything is based on the household!! Talk about having your cake and eating it.
Posted by: Stephen Youngs FCCA, 11 Jul 2008 | 00:00