Corporation Tax simplification on the horizon?

A complete overhaul of the current corporation tax system has been proposed by the Office of Tax Simplification in order to radically simplify matters and make calculating the amount of tax payable much simpler for companies.

Their intention is to reduce the burden on small businesses by more closely aligning tax and accounting rules, for example regarding investment in plant and machinery. In addition, for very small companies with a turnover of less than £150,000, a proposal that they use cash accounting rather than accruals accounting has been made.

It is thought that about 1.5m small companies with fewer than 10 employees may be affected by the potential reduction in the paperwork required.

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