Disincorporated businesses could benefit from relief
The Office of Tax Simplification consults on small business taxation
The Office of Tax Simplification consults on small business taxation
DISINCORPORATED SMALL BUSINESSES could benefit from a tax relief under proposals by the Office of Tax Simplification.
The OTS published its consultation document on the taxation of small businesses today. It features a number of options in two documents on disincorporation for small companies and a simpler income tax system.
The consultation period runs until 7 October and the OTS hopes to prepare its final report for the 2012 Budget.
John Whiting (pictured), tax director of the Office of Tax Simplification said: “We have been told in no uncertain terms that tax administration can be a problem for small businesses. So we want to stimulate debate and allow those in business, and their advisors, to give us their views on the various possible ways forward.
“Would a cash basis be a better way of taxing the smallest businesses? How about flat-rate expense allowances? What of the more radical alternatives some other countries use – could any of them work here? Do we need a disincorporation relief? Whether you agree with these ideas or not, we are keen to hear your views.”
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