Earlier this year National Enterprise Network were delighted to take a number of our Directors, members, and their clients to discuss small company taxes with the Office of Tax Simplification. OTS are currently undertaking a number of reviews regarding small company taxes and we were able to discuss all of these, the benefits and challenges […]
Earlier this year National Enterprise Network were delighted to take a number of our Directors, members, and their clients to discuss small company taxes with the Office of Tax Simplification.
OTS are currently undertaking a number of reviews regarding small company taxes and we were able to discuss all of these, the benefits and challenges of any changes and the impact they might have on small businesses as well as on those who support them to start up and once they are up and running.
We discussed the review of the alignment of income tax and national insurance, the review of small companies taxation, as well as having an outline discussion about HMRCs moves towards making tax digital and quarterly reporting.
Members from across the country – Yorkshire & Humber, the East of England, the South East and South West – attended along with four small businesses who were all able to give valuable input from the perspective of those likely to be directly affected by any resulting changes.
The first of the reviews – into small company taxation – has now been published and you can read it here.
Dawn Whiteley, CEO of National Enterprise Network commented – “our members are working with over 140,000 clients per year, those thinking about starting a business and those already running one, so we have valuable input to give on matters of taxation and how potential changes might affect those setting up and running businesses, we were delighted to bring a number of our members and their clients directly to OTS in order for their views to be considered first hand as part of these reviews.”
“One of the key points raised was that all too often changes are made which are easy for larger firms, with finance departments and specialists, to implement – but these changes impact disproportionally on micro businesses and the self-employed, who don’t have that internal expertise – so we are pleased that OTS understood that and are looking for sensible ways to make things easier.”
“It was reassuring to hear also that it is recognised the largest proportion of firms do want to get their taxes right and that changes need to be implemented with that in mind, at the same time ensuring that when things go wrong that is dealt with in the right way too!”
“Whilst there are no definite measures at this stage, just a number of suggestions for further exploration, we are nonetheless pleased with the direction of travel and hope to see positive outcomes in due course.”