1. testing whether taxing the profits from the smallest companies on the shareholders rather than the company (‘look-through’) could be simpler for some companies as well as addressing distortions in the system 2. developing an outline for an new ‘sole enterprise protected asset’ (SEPA) vehicle which will give some limited liability protection without the need to formally incorporate 3. simplifying the corporation tax computation, eliminating many sundry tax allowances and potentially calculating corporation tax on a cash basis for the smallest companies.
The OTS envisages taking forward the first and second of these longer range ideas and calls on the government to initiate the third.
The OTS looks forward to receiving input on these ideas and can be reached at ots- smallcompanies@ots.gsi.gov.uk . A range of other recommendations for simplifying the taxation of small companies and streamlining the administration aspects are included in the report and the OTS expects a response from the government in due course
Detailed terms of reference for the review are available.
Guidance on discriminatory advertising 10 March 2016
New guidance on advertising has been published by The Equality and Human Rights Commission ( EHRC ) for employers who place or publish adverts for job opportunities, and those who advertise goods, facilities and services. Placing or publishing a discriminatory advert is unlawful under the Equality Act 2010 . The Act protects individuals from discrimination because of sex, race, disability, gender reassignment, pregnancy and maternity, marriage and civil partnership, religion and belief, sexual orientation and age. An advertiser is someone who targets potential employees or customers using a form of media to market employment opportunities or their products or services. If you are responsible for creating an advert that reaches the public, you are an advertiser, irrespective of whether you are also responsible for distributing it or publishing it.
This guidance explains what equality law means for advertisers and publishers.
The EHRC also a collection of FAQs which will help to clarify what is lawful and gives advice on best practice.
Modern slavery statements 14 March 2016
Businesses with a year-end of 31 March 2016 will be the first businesses required to publish a statement under the transparency in supply chains provision.
The Modern Slavery Act 2015 requires organisations with a turnover of at least £36 million to develop an annual statement each year, detailing what steps have been taken to ensure modern slavery is not taking place in their business or supply chains. The requirement for organisations to publish a statement was commenced on 29 October 2015. However, many organisations may not have been in a position to produce a statement immediately. Therefore, transitional provisions were included to allow organisations sufficient time to understand the requirement and produce a statement.
Businesses with a financial year-end date between 29 October and 30 March 2016 will not be required to publish a statement for that financial year of the organisation.
Businesses with a year-end of 31 March 2016 will be the first businesses required to publish a statement for their 2015-16 financial year. These organisations will be required to produce a statement covering the full financial year of the organisation. However, where an organisation has only recently undertaken activities they may choose to produce a statement that indicates that activity undertaken covers a particular part of the financial year.
Any organisation in any part of a group structure will be required to comply with the provision and produce a statement if they:
CIPP Policy News Journal
25/04/2016, Page 120 of 453
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