PBR (2): Small business headlines

The Chancellor's Pre Budget Report revealed that there are plans to simplify the tax regime for small businesses.

New small business unit

The Chancellor told the House of Commons that: the new Executive Chairman of the integrated Inland Revenue and Customs and Excise David Varney would be announcing the creation of a small business unit; consulting on the scope for a single tax return that would bring together all taxes; and setting as his long term objective a single account for payments.

Avoidance

He also announced further plans for a clamp down on areas he perceives to be tax avoidance, drawing particular attention to the film industry.

Inspection

He is publishing the Philip Hampton on rationalising inspection and enforcement regimes. The Chancellor said: "Having concluded that outside high risk areas the regulatory focus should be on advice not inspection and that data sharing should avoid duplication of requirements on business, his (Philip Hampton's) final report will include recommendations on reform of the regulators charged with inspection and enforcement and of penalty regimes.