In July 2018, the Chancellor of the Exchequer asked the Office of Tax Simplification (OTS) to carry out a review of the business lifecycle so, start up, incorporation, finance, succession and disposal, to identify simplification opportunities. The OTS has now published a call for evidence with an online survey to seek views about tax as it impacts on businesses.
In this review, the OTS is interested in the everyday experience of business owners and managers as they engage with tax throughout the lifecycle, from start-up and registration, through calculating and paying tax, to business closure/transfer. The review will focus mainly on smaller businesses, including self-employed individuals. It follows an earlier business lifecycle report on areas such as raising capital and disposing of a business.
The OTS would like to hear directly from businesses as well as professional advisers and representative bodies about which parts of the tax system are particularly complex and hard to get right, and to hear any suggestions for improvements.
Responses to the call for evidence should be sent to email@example.com by 7 December 2018.
There is also an online survey, which should take no more than 10 minutes.
The OTS expects to publish its report in the spring of 2019.
The scoping document for the initial review was published on 26 July 2018.