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27 March 2012
MIKE TRUMAN explains the proposals for simplifying small business taxation
KEY POINTS
- Government has rejected turnover tax but accepted receipts and payments basis.
- Limit for joining is VAT registration threshold and for leaving £150 000.
- No need for capital allowances as taken into account in income and expenditure.
- Flat-rate allowances for mileage and use of home but not subsistence or telecommunications.
The Office of Tax Simplification (OTS) was a Conservative idea when the party was in opposition. It must have seemed a good idea to them at the time but it has had an inconvenient habit of proposing genuinely radical ideas to simplify tax which have presumably set the poor young things at the Treasury all of a flutter as they reach for their smelling salts.
The first radical announcement last year was in the OTS interim report...
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