News from the Government shows the upcoming creation of a new body known as The Office of Tax Simplification. Just like the body’s title, the idea is simplifying things for business.
A number of new measures have been introduced lately which make it clear that the current Government is aware of the need to help small businesses and new companies survive and grow. Helping the British economy to do the same. Simplification of the tax system is just one step intended to support small business.
The Office of Tax Simplification is going to be tasked with finding areas of complexities in the current tax system which can be amended in an effort to support British Business. Its report will be used as the basis for the next Budget.
George Osborne the Chancellor of the Exchequer spoke of the new body saying:
“…With its independent, expert advice it will be a permanent force for a simpler tax system. Simpler, more competitive taxes will help us show the world that Britain is open for business.”
David Frost, director general of the British Chambers of Commerce commented:
“The creation of the OTS is a necessary and long overdue response to the relentless chop and change of tax law. The business community, and the economy, will benefit from the recently announced lower rates of tax, and now from the drive towards a simpler system. The government needs to continue with measures that foster entrepreneurship in order to secure a sustainable economic recovery.”
In the meantime, The Company Warehouse is helping new businesses and those who have carried out a company formation with tax efficient accountancy services and advice. Get in contact today to see what we can do for you.
For more information – http://www.hm-treasury.gov.uk/ots.htm