Recent research shows that one in five sole traders and small business owners face paying, on average, £722 over the odds each year because of incorrectly calculated taxes.
The Office of Tax Simplification (OTS) noted that a complex system and huge numbers of breaks on offer means taxpayers are not claiming reliefs they are entitled to. Of particular concern is the lack of claims for employee expenses, and higher-rate tax payers failing to claim tax relief on pension contributions.
The OTS, the Government independent tax policy advice body, has published 15 fresh recommendations to simplify the system (15 recommendations doesn’t sound very simple to us, but that’s another matter), including building an online portal, setting one claim deadline, and the proposal of a flat rate employee allowance for some tax payers.
Income Tax may seem like a minefield to a small business owner but to an AIMS accountant this is familiar territory.
With our network of over 200 professionally qualified accountants there is an AIMS Accountant who will be able to assist you. So, get in touch today.