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CIOT welcomes small business taxation report

Date Added: 11/03/2011  

The Chartered Institute of Taxation (CIOT) has issued a positive response to the government's latest report on small business tax.

Produced by the Office of Tax Simplification (OTS), the document recommended the merger of income tax and national insurance contributions, as well as calling for a radical overhaul of taxation for the "very smallest" unincorporated firms.

Deputy president of the CIOT Anthony Thomas said the report had recognised "a real need to simplify the way small businesses are taxed" in the UK.

He added: "As the OTS says, there are real simplification possibilities in combining national insurance contributions and income tax."

The Institute of Directors was less forthcoming in its praise and claimed the report "raises more questions than it answers".

However, the organisation's head of taxation Richard Baron said the ensuing debate could make a difference to the tax system and help to relieve some of the administrative burdens faced by British companies.

Posted by Julie Cutts 

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