OTS survey on Small Company Taxation
23 December 2015
The Government has commissioned the Office of Tax Simplification to carry out a simplification review of small company taxation. The overall aim of the project is to develop recommendations for the Chancellor of the Exchequer and Financial Secretary to the Treasury on how to simplify the system, increase certainty and reduce administrative burdens caused by the tax system. The project will report to the Chancellor ahead of the 2016 Budget and will build on the OTS’s earlier work on simplifying the system for unincorporated businesses.
The OTS is now gathering evidence of where the tax system causes complexity and uncertainty for small incorporated businesses. For this report they will concentrate on ‘micro’ businesses and regard any limited company (including charities) with fewer than 10 persons as micro. The OTS is interested in all taxes, including corporation tax, VAT, stamp duty, business rates, PAYE, income tax, national insurance, excise duties, capital gains tax and inheritance tax.
To help inform this review, the OTS has prepared a survey, in addition to an extensive series of meetings with businesses, representative bodies, professional advisers and other stakeholders. The survey should take no longer than 15 minutes to complete, and the results will remain anonymous. The survey closes on 31 December 2015
The OTS also has regard to all small companies (50 or fewer employees). Small companies or those with more to say can write to the OTS directly at [email protected].