Small company taxation review
The Office of Tax Simplification (OTS) has published its recommendations following a simplification review of small company taxation.
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The OTS바카라 사이트™s report on simplifying taxation for small companies contains a mix of long range structural change ideas and simpler short term administrative improvements.
After an executive review, summarising the recommendations, the report includes detailed analysis on legal issues and alternative structures; lessons from other countries; the structure of company taxation; administrative aspects; and the life cycle of a small company. The annexes include a summary of the wide range of responses to the OTS바카라 사이트™s survey.
The OTS plans to do more work on key structural change ideas, including a 바카라 사이트˜look-through바카라 사이트™ basis of taxation for some small companies and whether a new trading vehicle (a 바카라 사이트˜sole enterprise with protected assets바카라 사이트™ or SEPA) would be useful. The OTS looks forward to receiving input on these ideas and can be reached at ots-smallcompanies@ots.gsi.gov.uk. A range of other recommendations for simplifying the taxation of small companies and streamlining the administration aspects are included in the report and the OTS expects a response from the government in due course.
Read the news story and terms of reference for the review.