Small companies, the self-employed and the tax system

Technical Committee Newsdesk July 2005. At the beginning of April 2005 the CIOT, jointly with the ATT, sent the SME Taxation Team at HM Treasury a response to the Pre-Budget Report paper on the taxation of small businesses. The full response can be viewed at:
http://www.tax.org.uk/showarticle.pl?id=3449&n=t

The response focused on the taxation of micro-businesses (those with 0-9 employees) and requested:

• an holistic approach to the review, with all taxes, tax credits and benefits taken into account;
  
• a small business system which gives more equality and neutrality;
  
• a small business system which has simplicity, certainty and stability; and
  
• that whatever time is necessary be taken to arrive at a better system than the one we have at present.
  

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Technical Department
020 7235 9381

July 2005 by CIOT Technical Department