Tax review will 'even out the playing field' for small firms

Date: 21st July 2010

A new tax review, recently announced by the government, will be of benefit to a number of small businesses around the UK.

That is the view of the Chartered Institute of taxation (CIOT), which said the Office of Tax Simplification's review will "even out the playing field" for small businesses.

It follows the announcement that the coalition is to undertake a review of small business taxation, including the controversial IR35 legislation, which determines the employment status of the UK's contractors.

Commenting on the review, Andrew Hubbard, immediate past president of the CIOT, said: "Too often we have seen sticking plaster applied to problems when what is needed is a thoroughgoing review.

"A more carefully planned and integrated approach would not only aid tax compliance in the small business sector but also allow small businesses to make commercial decisions that are not distorted by hasty and ephemeral changes in tax policy."