Review of the taxation of small companies
LITRG has responded to the review of the taxation of small companies by the Office of Tax Simplification by calling for a simplification of the compliance obligations of small companies so that these businesses can be confident they can manage their affairs competently without the need to engage an adviser.
A multi channel help service (including telephone support) should be available for small companies which can advise on all aspects of company compliance so that the unrepresented taxpayer has a single point of contact for whatever help is required, and the registration process for all relevant taxes should be a more integrated procedure to cover all registrations at one time to avoid causing confusion and repetition.
We believe the current proposals for quarterly reporting for businesses under the Making Tax Digital strategy will substantially increase the compliance burden for small companies and so should not go ahead.
The LITRG submission can be found here.