On 19th October OTS launched a consultation on “Key questions published for OTS review on IT/NICs”. They are gathering evidence for a review of the potential for aligning more closely Income Tax (IT) with National Insurance Contributions (NICs).
They are planning an extensive series of meetings with businesses, representative bodies, professional advisers and other stakeholders. To give a framework they have developed some areas for discussion. OTS would welcome comments from others they are not meeting and will be publishing their questions to help guide responses. You can find out more about this on the Gov.Uk website here. Please note the consultation closes at 31 December 2015 at 11:45pm.
Also, on 20th October the OTS launched a consultation on “Key questions for OTS review on Small Company taxation”. They are gathering evidence of where the tax system causes complexity and uncertainty for small incorporated businesses.
For this report they will concentrate on ‘micro’ businesses and regard any company with fewer than 10 persons as micro. They are interested in all taxes, including corporation tax, VAT, stamp duty, business rates, PAYE, income tax, national insurance, excise duties, capital gains tax and inheritance tax.
Full information about this is available on the Gov.Uk website here. Please note the consultation closes at 31 December 2015 at 11:45pm.