The Tories are today tipped to revive their reputation as the party most traditionally favoured by the business community.
Disclosures obtained by a national newspaper claim George Osborne, the shadow chancellor, will use a speech to the British Chamber of Commerce to call for simplification of small business tax.
He will also announce a study in the tax burden faced by company owners, which will see an accountant research the scope for aligning the administration of PAYE and national insurance.
Under the current system, the two taxes are calculated in different ways and over different periods, creating what Mr Osborne believes is an excessive amount of red tape.
According to The Independent, he will declare that Grant Thornton will probe to see if, by abolishing these anomalies, the administrative burden can be lightened.
Mr Osborne told the paper: “The objective is to make it easier for businesses to offer flexible working. We are not talking about merging the national insurance and income tax systems: what we are talking about is how to bring their administration together so that all businesses get a break.”
Jun 12, 2007
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