A tax relief for disincorporation of small businesses and a system of flat rate expenses allowances for the smallest businesses are among options for reform being suggested by the Office of Tax Simplification.
The objective of holding multinationals to account in relation to tax planning strategies – one of six stated ‘possible objectives’ – was discounted by a group of tax experts and practitioners reporting to the OECD in April on the case for greater disclosure of tax information.
Administering tax has become the top regulatory burden for small business owners, according to research conducted by the Forum of Private Business.
The UK has become less attractive in recent years for firms that ‘rely more’ on capital allowances for plant and machinery and industrial buildings, according to research published by the Oxford University Centre for Business Taxation.
The Finance Bill received Royal Assent on 19 July and became the Finance Act 2011. Peers debated the Bill on the previous day.
HMRC have published a third version of their FAQs on the ‘disguised remuneration’ legislation in Schedule 2 to the Finance Bill, replacing those published in March.