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Should micro-businesses have a separate accounting or tax regime? RICHARD CURTIS looks at the proposals
KEY POINTS
- The Department for Business Innovation & Skills publishes Simpler Reporting for the Smallest Businesses.
- Defining micro-entities micro-companies and micro-businesses.
- What are the possible benefits of a move to cash-based accounting?
- Responses from the ICAEW and an accountant dealing with micro-entities.
- How will these proposals mesh with OTS simplification moves?
We all like a simple life don’t we? Why complicate things? Why make life difficult? In fact didn’t I read somewhere that we’re heading for a simple tax system; ‘tax doesn’t have to be taxing’ does it?
If tax was simple there wouldn’t be so many headaches we wouldn’t have to worry about whether we’d covered all the angles whether there was some hidden catch that we’d missed – something that would keep us...
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