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Integrating NI and income tax 'would boost small firms'

Date Added: 11/03/2011  

The Forum of Private Business (FPB) believes small companies will benefit from the integration of national insurance contributions and income tax.

A new report from the Office of Tax Simplification (OTS) has recommended combining the two payments in order to reduce administration costs and make the system more transparent.

Commenting on the proposal, research projects manager at the FPB Thomas Parry said such a move would have major benefits for his organisation's members.

He commented: "We've been asking for it for a number of years now, really because of the fact that it is easy to deal with them both at the same time."

Mr Parry added that many companies continue to view national insurance as a "stealth tax on employers".

The OTS report on small business taxation was commissioned by chancellor George Osborne last July.

Mr Osborne has now been asked to consider a radical shake-up of the existing system ahead of his Budget announcement later this month.

Posted by Michael Beam 

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