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Small businesses could benefit from easier tax system

The Office of Tax Simplification (OTS) has recognised that many small businesses, including painters and decorators, feel trapped by the administrative requirements of running a business.

In a bid to tackle this problem, the body has published a consultation document outlining possible solutions to make the paper trail easier for sole traders and people who are self-employed.

The options include introducing a cash-based taxation system, flat rate expense allowance and a simplified profit calculation.

"Tax administration can be a problem for small businesses," explained John Whiting, Tax Director of the OTS. "We want to [...] allow those in business, and their advisers, to give us their views on the various possible ways forward."

For more information, visit: www.hm-treasury.gov.uk.

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