The Office of Tax Simplification has just published its Business Lifecycle Report. In it, it explores the tax issues which affect businesses as they start up, incorporate, finance growth, succession and disposal or cessation of business. The OTS summary indicates they believe their is room for improvement in the way the charges and reliefs interract particularly in the case of owner managers. The report seeks to identify key areas for improvement and asks for feedback on the document. “The OTS considers that the complex patchwork of tax charges and reliefs which apply at various points in the business lifecycle needs an overhaul to reduce complexity, make reliefs more accessible and to encourage UK businesses to fulfil their potential.” If you would like to discuss your own plans with our tax team, please do call us on 01332 365855 or email craigs@batesweston.co.uk.
