Treasury seeks SME advice
The Treasury has appealed for advice from small businesses on how to reform the system of VAT for SMEs.
Financial secretary Paul Boateng asked businessmen to read an up coming consultation paper on the Flat Rate Scheme which is intended to reduce tax and regulatory burdens.
Boateng said: ‘Small businesses keep telling us they want a simpler tax system. Customs & Excise have come up with proposals that could save businesses up to £1,000 a year because they simplify bookkeeping requirments for businesses with a taxable turnover of up to £100,000 a year.’
‘However Customs & Excise need small businesses to look at these proposals to ensure they are as practical and simple as possible. Please help them to help you by reading the consultation document andsending them your views by 7 September.’The deadline for submissions to Customs is 7 September. The consultation paper can be obtained by phoning the National Advice Centre on 0845 010 9000.