Simpler Income Tax for the Simplest Small Businesses - LITRG response
LITRG welcomes the opportunity to respond to the consultation to make accounting easier for small businesses (individuals or partnerships whose partners are individuals) who usually only prepare accounts in order to complete their tax return.
We are generally supportive of any process which simplifies the accounts and tax system for small businesses in a way which reduces their administrative burden but is not disadvantageous regarding their tax reliefs.
However we feel the proposed turnover threshold is too high and recommend that lower limits are used. We recommend that the thresholds are adjusted each year for inflation and that such indexation should be provided for in statute.
To see the consulation document and the LITRG response in full please use the links below:
Contact: Kelly Sizer (please use form at http://www.litrg.org.uk/ContactUs)