Reduction in red tape for businesses
The ICAEW has said that government plans to tackle red tape and reduce costs to business will fail unless the Government takes steps to tackle the complexity and length of the tax code. If it were possible to reduce the time small businesses are spending on tax issues and trying to liaise with HMRC, it would free up their time to concentrate on growing their businesses. The UK has one of the longest and most complex tax systems in the world; two of the three longest Finance Acts ever were enacted in the last parliament.
The ICAEW has also said that in the next month’s Budget it wants the independent Office of Tax Simplification to be given the resource it needs to deliver on tax simplification and deregulation.
Other suggestions by the ICAEW include changing the amount of the 100% relief on plant and machinery (currently £500,000); allowing smaller employers with up to 50 employees to make fewer RTI reports and payments; simplifying the auto-enrolment process for employers with up to 25 employees and including NIC exemptions for apprentices.
Date: 3rd July, 2015
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