On 13 July 2018 the Chancellor wrote and asked the Office of Tax Simplification (OTS) to carry out a further review of the small business lifecycle.
The new review of the small business lifecycle will focus on proposals for simplification of tax related issues in the day-to-day life of a business which cause administrative complexity. It includes an instruction to look at other practical tax related issues and focus on the reasons for error by a small business such as the clarity of guidance or tax administration issues as well as how the tax system helps business manage their cash flow and the administrative impact of taking on an employee.
This follows on from the OTS's Business Lifestyle review which considered the complexities and tax reliefs of the small business from incorporation to disposal. This looked at relief such as incorporation, SEIS, ER, and IHT etc.
External Links
OTS: Business Lifestyle review
Our useful guides
Finance Act 2018 tax update and rolling planner
Track the OTS findings and other condocs in real time
Wouldn’t it be great and think how much TIME it would SAVE you if someone:
- READ all the latest tax news, case decisions, new legislation and articles in tax and then summarised them for you?
- Only alerted you to things that are RELEVANT to you?
How about if that someone also:
- Updated those summaries in REAL TIME for you
- ADDED examples, planning points, toolkits and calculators, and
- Linked all that information together and also provided you with CPD?
Thousands of firms of accountants and advisers are already using www.rossmartin.co.uk as their primary TAX resource.
At a cost of just £1 per day, it’s a no brainer: FREE up your MIND and your TIME (and your wallet).
And...we run our Virtual Tax Partner support service, if you need assistance with a particular query or technical issue.
