Review of small business taxation opens

16th December 2015 | News

The Office of Tax Simplification (OTS) has opened its review of small company taxation, which was promised at the Summer Budget, giving contractors and micro firms a chance to influence government taxation policy.

The first survey stage of the review comprises 23 questions taking an estimated 15 minutes, which will be used to “develop recommendations for the chancellor”.

The OTS is calling on small business owners across the country to get involved in the survey to raise awareness of taxation issues to the Government.

“We would like to hear from you as small company owners about the difficulties you have with the current tax system and any suggestions you have to improve it,” said the OTS.

Respondents to the OTS survey are invited to leave their contact details because any “new ideas” they put forward might require further elaboration before the OTS can pass them on to the Chancellor. However, the survey can also be completed anonymously if preferred.

Within the survey small business owners are questioned about any previousy experiences of closing a company and asks which taxes are straightforward enough that they can be understood without the need for an accountant. Additional questions include the cost of meeting tax obligations and disincorporation.

Respondents are invited to mention the “one thing” that should change above all about small business taxation, as well as their awareness of the tax implications of companies paying for private expenditure.

The online survey, which is open until 1st January 2016, states: “For this report we will concentrate on ‘micro’ businesses and regard any company with fewer than 10 persons as micro.

“We are interested in all taxes, including corporation tax, VAT, stamp duty, business rates, PAYE, income tax, national insurance, excise duties, capital gains tax and inheritance tax.”