You are here: Home - News -

Chancellor prompts probe to simplify small business taxation

  • 19/07/2018
  • 0
Chancellor prompts probe to simplify small business taxation
The Office of Tax Simplification (OTS) is to review how the tax system works for small businesses after a request by chancellor Philip Hammond.


In a letter to the OTS, Hammond (pictured) asked the body for any proposals it may have to simplify tax-related issues in the day-to-day life of a small business “which can cause administrative complexity”.

He acknowledged that many small businesses find it complex and burdensome to fully understand their tax obligations, which in turn leads to potential concern and error.

As a result, the chancellor recommended a review into the area.

The full scope and detail of the review will be agreed between the OTS and HM Treasury in the coming weeks, but Hammond highlighted some initial key subjects.

“The review should include a focus on the reasons for error by a small business, such as the clarity of guidance or tax administration issues,” he said.

“You should also look at other practical tax-related areas such as how the tax system helps businesses manage their cash flow or the tax administrative impact of taking on an employee,” he added.



There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
First-time buyer choice improves but mortgage costs increase – AmTrust

The number of products for first-time buyers continues to rise but rate increases have pushed mortgage costs up, according to...