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: Letter from Chancellor

OTS: Business Lifestyle review

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