The Association of Chartered Certified Accountants (ACCA) has welcomed the establishment of the Office for Tax Simplification (OTS) but says the government needs to do more to ensure that UK tax policy caters to the needs of small businesses.
Chas Roy-Chowdhury, head of taxation at ACCA, called for the coalition government to ‘think small first’ when creating new taxation policies for business, rather than the current top down approach.
‘It needs to create a foundation of principles that can apply to all businesses, based on the needs of the smallest, with additional layers added for larger, more complex companies,’ Roy-Chowdhury said.
ACCA is calling for more clarity in several areas of business legislation, including the PAYE system, income tax bands, VAT flat rates for small businesses, the employee benefits system and deductions from business tax profits.
in: Contractor Tax