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Simplify the tax system for small companies, says the OTS

08 March 2016
Issue: 4541 / Categories: News , VAT

Small company taxation review.

Businesses employing fewer than ten people should not face the same tax system as multinational companies says the Office of Tax Simplification (OTS).

It has unveiled a package of recommendations aimed at making the tax system simpler and easier to use for small companies. The administrative measures include:

  • aligning filing and payment dates such as for VAT and PAYE and annual returns and corporation tax;
  • HMRC providing extra support at weekends and evenings when more small company owners deal with their tax affairs;
  • ending the need for companies to provide the same information to several government departments which should share the information instead; and
  • looking at the feasibility of having advance clearances for VAT.

The report sets out three main areas for further work:

  • testing whether taxing...

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