EY Budget reaction: Making tax easier, quicker and simpler...
Patrick Stevens, tax partner at EY, comments on HMRC’s report on ‘Making tax easier, quicker and simpler for small business’
“The government's new offer to the unincorporated small business allows them to set aside the complex tax regime and instead pay tax on the cash that they keep at the end of the day. This will apply to businesses with a turnover up to the VAT threshold of £77,000 per annum and could significantly simplify the system.
“The document however also sets out a new approach to working with small business, and sets a far more positive tone in the way that HMRC will engage with them.”