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The Chartered Institute of Taxation (CIOT) has called on the government to 'broaden its approach' to supporting entrepreneurs via the tax system. The CIOT has stated that regulatory and administrative burdens must be removed for growth to be achieved.
Tax system must truly back UK entrepreneurs
The government needs to significantly broaden its approach to supporting entrepreneurs through the tax system, says the CIOT.
The institute warns that the current call for evidence is too narrowly focused on investor reliefs and risks overlooking the tax and administrative barriers faced by many small and growing businesses.
In its response to HM Treasury's call for evidence on tax support for entrepreneurs, the CIOT argues that growth is not primarily achieved through more capital investment, but by removing regulatory and administrative hurdles.
The CIOT recommends that the government pulls together existing evidence across a wider scope, for example from its Small Business Strategy inquiry and previous Office of Tax Simplification reviews, to examine how tax policy supports sole traders, small partnerships and owner-managed businesses throughout their lifecycle.
Pete Miller, chair of CIOT's Owner Managed Business Committee, said: 'Entrepreneurs come in all shapes and sizes — from local tradespeople to high-growth tech founders.
'The call for evidence is right to look at start-up investment reliefs, but it misses the bigger picture. For the UK to have a truly entrepreneurial economy, the tax system needs to work for all businesses with growth ambitions, not just those seeking venture capital.
'Simplification must be at the heart of any reforms. The current reliefs are often so complex that businesses need expensive specialist advice just to access them. That complexity is itself a barrier, and it erodes the effective value of the relief available.'
IN THE NEWS
Government unveils package of youth employment initiatives
The government has unveiled a youth employment drive that aims to create 200,000 jobs for young people and reform apprenticeships.
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Expansion of Jobs Guarantee scheme needed now to tackle NEETs crisis
The government must act now and expand the Jobs Guarantee scheme that it is currently piloting to help more young people find work, says the Resolution Foundation.
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HMRC takes £137 million in late payment interest
HMRC has taken in over £137 million from late payment interest so far for 2023/24, a freedom of information request from investment platform AJ Bell shows.
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Self-employed gender pay gap is £51 per day
Self-employed women in the UK earn £51 less per day than men on average, according to IPSE, the self-employed association.
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HMRC investigations double additional tax from large businesses
HMRC's large business directorate has doubled the amount of tax revenue it collects, according to the National Audit Office (NAO).
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ESSENTIAL TAX DATES FOR APRIL
5 April
Last day of 2025/26 tax year.
Deadline for 2025/26 ISA investments and pension contributions.
Last day to make disposals using the 2025/26 CGT exemption.
14 April
Due date for Income Tax for the CT61 period to 31 March 2026.
19 April
Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2025/26 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year.
PAYE quarterly payments are due for small employers for the pay periods 6 January 2026 to 5 April 2026.
PAYE, Student loan and CIS deductions are due for the month to 5 April 2026.
Deadline for employers' final PAYE return to be submitted online for 2025/26.
QUOTE OF THE MONTH
'Combined with our Electric Car Grant which has saved over 55,000 drivers thousands off the price of a new EV whilst boosting sales for carmakers, and record funding for our national public charging network, we're backing the EV revolution for drivers, businesses, and industry.'
Keir Mather, Aviation, Maritime and Decarbonisation Minister, commenting on a new grant for businesses and households which install EV chargers.
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