Budget 2012 - Small companies
The Chancellor has announced proposals for some respite from paperwork for small businesses, with consultations on:
- Business car and home expenses, which may result in some form of flat rate expense to save detailed record keeping of such expenses and of the business/private proportions.
- A voluntary cash accounts basis for unincorporated businesses with turnover up to the VAT registration threshold.
- Disincorporation relief. Though it is too early to be sure, this could be a positive step that may enable small companies to be unravelled and allow the proprietor to continue trading in an unincorporated capacity. Presently the costs and potential tax arising can be prohibitive.
Date: 21st March, 2012
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