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The Office of Tax Simplification will reveal their initial report regarding the taxation of small business, in time for the 2011 Budget. The OTS was set up in order to make the taxation of small business simpler, including the complicated IR35 legislation. Since the group was set up, they have consulted with experts including small business accountants, businesses and the public to look at how the taxation system in Britain could be simplified.

One of the areas looked is the tax code, which is notoriously complicated. Many taxpayers are confused by the tax code, especially where they have complicated circumstances such as several income sources or pensions. Another controversial area of concern is the IR35 legislation which could affect any business that has a contractual arrangement with agencies or end clients. The distinction between employment and self-employment can cause problems for businesses, and was a subject often raised during the road shows organised by the OTS.

Administration for small businesses has always been a problem, as the frequency of legislation changes increases and the deadlines that have to be met in order to avoid penalties from HM Revenue & Customs. Outsourcing to a low cost online accountants is the most cost effective way to ensure all the relevant deadlines are met, along with compliance of legislation.

The tax director for the OTS, John Whiting, has invited any further suggestions for the simplification of taxation from businesses or tax agents and online accountants, in order to reduce the burden of administration.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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