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Debate underway on taxation of small businesses

Date Added: 10/03/2011  

A debate about the best way to tax small businesses is underway, with the Institute of Directors (IOD) reacting to a report by the Office of Tax Simplification (OTS).

The IOD stated that while it may not agree with some of the recommendations which have been made by the OTS, it welcomes the opportunity to open dialogue about small business taxation.

Richard Baron, head of taxation at the IoD, claimed that the report raises more questions than it manages to answer, but pointed out that this is to be welcomed.

He said: "Businesses repeatedly complain about the administrative burdens that are imposed by the tax system. We can - and should - implement some quick wins."

Mr Baron added that some of the fundamental features of the tax system which affect small businesses need to be looked at and amended.

Head of campaigns at the Forum of Private Business Jane Bennett recently stated that the Low Value Consignment Relief tax loophole should be closed to help smaller firms.

Posted by Michael Beam 

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