Last week I made a contribution in Parliament welcoming the Government’s introduction of a simpler tax regime for sole-traders and partnerships with turnover of up to £79,000. They will now only need to report their cash surplus for the year with a few adjustments rather than prepare full accounts for tax purposes.
There are issues with how bureaucratic the scheme is in some situations – which won’t be a problem for the majority – and I was seeking to improve this situation by asking for a further review, especially on how this interacts with other tax rules and tax return requirements. I was also concerned that these rules might be exploited by some individuals and sought to deny this regime to those convicted of benefit fraud or tax evasion in the past.
You can read the debate here.