News: April 2011
The office of tax simplification
They have published their interim report on simplifying the tax system for small businesses, and the likely response is a feeling of disappointment that so few specific ideas are being put forward.
To be fair, the OTS makes it clear that they now seek the Chancellor’s views and further instructions, and they also ask for views to help them develop their final report which is due later this year, but even so one could have expected more to come out at this stage.
There is consideration of a simpler tax regime for very small businesses with turnover below £20,000, and the future of IR35, but the tone of the report does not suggest the existence of any real commitment to simplify.
Let us hope that this will not turn out to be an opportunity missed. As and when any real changes are announced we will see exactly how we can use them to your advantage.