Small business the focus of government's new tax shake-up

Posted by Dan Martin in Finances, Regulation on Tue, 20/07/2010 - 16:28

Reducing the complexity in the way small business owners are taxed is the first task of the government's new Office of Tax Simplification (OTS), the Treasury said today.

In the latest announcement by the coalition government, chancellor George Osborne confirmed on Tuesday the creation of a new body to cut through the 11,000 pages which make up the UK's tax code. The OTS will not set tax policy but suggest ways complications can be reduced for companies and individuals. 

The group's initial focus will be on simplifying the small business tax system and reviewing the 400 tax reliefs which currently exist.

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