The Office of Tax Simplification (OTS) has published an update paper following its previous reviews of tax simplification for smaller businesses and individuals.
The paper focuses on tax awareness and education, particularly for those starting out in business and for smaller companies. The report picks up on a number of areas covered in the recent Tax administration framework review, including potential reform to the way individuals and businesses register for taxes.
For small businesses, the report recognises efforts to bring HMRC and Companies House filing requirements closer together, although notes that full alignment ‘is unlikely to be achievable in under 5 years’.
The report also reviews a potential way for smaller companies to avoid having to file two tax returns for their first accounting period where that period spans more than 12 months, and recent discussions around making tax digital for corporation tax for smaller companies.
The Office of Tax Simplification (OTS) has published an update paper following its previous reviews of tax simplification for smaller businesses and individuals.
The paper focuses on tax awareness and education, particularly for those starting out in business and for smaller companies. The report picks up on a number of areas covered in the recent Tax administration framework review, including potential reform to the way individuals and businesses register for taxes.
For small businesses, the report recognises efforts to bring HMRC and Companies House filing requirements closer together, although notes that full alignment ‘is unlikely to be achievable in under 5 years’.
The report also reviews a potential way for smaller companies to avoid having to file two tax returns for their first accounting period where that period spans more than 12 months, and recent discussions around making tax digital for corporation tax for smaller companies.
