Currently all businesses are required to calculate their trading
profits on the same basis, irrespective of whether they are a multinational
corporate or small cottage industry. Maybe this is a sweeping generalisation,
but small business owners have a notorious reputation for being bad at record
keeping. Who can blame them when the mountain of administration required for
small businesses to calculate their profits is often completely disproportionate
to the scale of the business?
So for those of you who have been presented with an overflowing
supermarket carrier bag full of fuel receipts, tea stained invoices and maybe
the odd chocolate bar wrapper, finally a solution may be at hand which will make
business record keeping easier for your small business clients. That is, the
proposals set out in The Simpler Income Tax for the Simplest Small Businesses
consultation document.
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