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Accountant responds to tax simplification body on need to tackle IR35
Posted Jan 26, 2011
A specialist contractor accountancy firm has provided a detailed response to the OTS in an effort to help simplify the tax system, particularly focusing on the need to reform IR35.
The Office of Tax Simplification was set up shortly after the current Government came to power. One of its key tasks is to review the current IR35 legislation "as a priority". Another is to reduce the number of tax reliefs, allowances and exemptions currently in use.
The OTS has asked experts from within the contracting industry to provide their views on how the small business taxation system can be changed for the better.
Damian Broughton, director of leading accountancy firm Danbro, has contributed to a detailed response for the OTS advising on a number of regulations he believes could be reformed or renewed - including IR35.
IR35 was initially introduced to tackle what was perceived to be tax avoidance by contractors working via intermediaries, whilst performing similar roles in most respects to permanent employees on client sites. The many critics of IR35 point out that the rules are poorly thought out, poorly targeted, and difficult to interpret.
Broughton commented:
"As a firm specialising in accounting services to contractors operating via their own small businesses, Danbro believe that the OTS could greatly reduce some of the red tape and complexities that have and continue to trouble many contractors operating their own small businesses.
"We are encouraged by the OTS's intentions to review legislation like IR35, which still remains a grey area. We envisage that IR35's one size fits all approach will be replaced with a more targeted method and hope that its current ambiguity will be lifted."
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