OTS asks small companies to talk tax

The review of small company taxation promised at the Summer Budget has opened, giving contractors and other ‘micro-businesses’ a chance to influence government policy.

Twenty-three questions taking an estimated 15 minutes to answer represent the first ‘survey’ stage of the review, which will be used to “develop recommendations for the chancellor”.

The Office of Tax Simplification, which is running the review, added: “We would like to hear from you as small company owners about the difficulties you have with the current tax system and any suggestions you have to improve it.”

Respondents are invited to leave their contact details at the end of the survey, because any “new ideas” they put forward might pique OTS’s interest and warrant elaboration.

But respondents can complete the survey anonymously if preferred, having admitted the reasons they incorporated and whether the tax burden on them has eased or exacerbated.

The survey also asks about any experience of closing a company and probes which taxes are straightforward enough that they can be understood without the need for an accountant. Other questions revolve around the cost of meeting tax obligations and disincorporation.

The “one thing” that should change about small company taxation can be inputted too, as can how aware you are of the tax “implications” for your company of it paying for private expenditure. The online survey is open until January 1st 2016.

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Written by Simon Moore

Simon writes impartial news and engaging features for the contractor industry, covering, IR35, the loan charge and general tax and legislation.
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