A tax relief for disincorporation of small businesses and a system of flat rate expenses allowances for the smallest businesses are among options for reform being suggested by the Office of Tax Simplification.
HMRC have launched their fourth tax evasion task force in three months, declaring that ‘there is a problem with some fast food outlets deliberately falsifying their records and mis-declaring their true sales levels’.
Robert King examines the tax traps SMEs fall into and how to avoid them
HMRC have released their twentieth and final ‘toolkit’, dealing with business profits. The toolkits are designed to help tax agents and their clients reduce errors in completion of tax returns.
HMRC are seeking views on how to ensure that genuine losses incurred in business or employment are relieved against income or gains while deterring taxpayers from entering into tax avoidance arrangements intended to exploit the reliefs.
HMRC have invited comments by 31 August 2011 on: