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Tax simplification measures outlined -
19-03-2008, 03:54 PM
I think this is important for small businesses:
Last week the government announced a number of tax simplification measures aimed at easing the administrative burden on small businesses.
Plans have been proposed to simplify the rate of corporation tax paid by small business owners and to repeal outdated tax legislation, according to the Financial Times.
The government will currently conduct a review into simplification measures and will target businesses with fewer than ten employees and less than £750,000 annual turnover.
Richard Baron of the Institute of Directors says the government "seems to be doing quite well".
He welcomes the news of planned tax simplification measures and claims there have been "concrete signs of progress" of late.
However, BDO Stoy Hayward spokesman Stephen Herring says it is "regrettable" that the government did not plan to simplify tax for all companies.
According to government statistics, 14 per cent of small business owners view tax and administrative duties as their biggest obstacle to success.
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