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SIMPLIFICATION OF BUSINESS TAX

Comment 13th July 2010

The basic concept is to change the taxation of Businesses  and thwe Self Employed  to a system based upon the taxation of income rather than profits.

The current system of Tax Deductables being replaced by a basic tax Free Allowance of 10% of the business/traders income. The balance of income is then taxed at a basic rate which must be no less than the basic Standard Rate of Tax paid by the general population.

 

Why does this matter?

There has always been some consternation amongst the general public regarding those things which the Self Employed and Business can claim as Tax Deductable, my suggestion would bring clarity to a currently complex system.

In particular there  would be some uniformity between the individual and business taxation also there would be far less scope for tax avoidance.

The collection of tax would be unchanged but number of people required to administer and check accounts could be much reduced.

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