The OTS has launched a short survey for tax agents to inform the review of small business tax. It should only be completed by tax agents.
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iXBRL omitted from survey
The biggest simplification would be abolition of iXBRL except for PLCs.
No questions about iXBRL in the survey.
No questions about Capital Goods Scheme.
No questions about partial exemption.
NOT TOO LATE
The link takes you to a form with deadline Wednesday 30 November.
The survey is by the Office of Tax Simplification, not HMRC, and I was just hearing on a course last week that they have achieved changes where none were anticipated so lets hope they keep on doing so.
I have just filled it in and it didn't take log. Some of the questions are good but others quite worrying to me as I have quite a few small clients where, despite similar turnover, expenses vary enormously and a classification of their particular trade would be very hard to pin down. The idea of a tax on turnover is not to my liking.
Agreed
The link takes you to a form with deadline Wednesday 30 November.
The survey is by the Office of Tax Simplification, not HMRC, and I was just hearing on a course last week that they have achieved changes where none were anticipated so lets hope they keep on doing so.
I have just filled it in and it didn't take log. Some of the questions are good but others quite worrying to me as I have quite a few small clients where, despite similar turnover, expenses vary enormously and a classification of their particular trade would be very hard to pin down. The idea of a tax on turnover is not to my liking.
I totally agree about the problems with a tax on turnover.
I would think that a lot of time can be saved by getting rid of the non-benefit reporting on P11Ds and email/website communication with HMRC.
Trying to alter accounting to cash accounting and fixed rate allowances will just encourage people to manipulate their transactions. GAAP have stood the test of time. Simplifying the accounting will create unfairness and make accounts less useful. People who want useful management accounts will have to do two sets of accounts!
Limited use
Simplifying the accounting will create unfairness and make accounts less useful. People who want useful management accounts will have to do two sets of accounts!
To be fair, for your average unincorporated business, the accounts are probably of limited use anyway.
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I would think that a lot of time can be saved by getting rid of the non-benefit reporting on P11Ds and email/website communication with HMRC.
Re P11Ds we simple dont bother unless its taxable. Problems to date..................nil. I know it aint right but there are no penalties if there is no tax, and HMRC dont care if there is no tax.
A very simple way of saving time would be for agents to have access to the same information online as the phone operatives do. It exists, why not make it available?
Flat Rate Income Tax
To be honest, if there is a voluntary Flat Rate Scheme for income tax organised half as badly as the one for VAT, then I will be all for it as clients will be able to realise massive savings in the name of simplification.