§ 45. Mr. Bellingham
To ask the Chancellor of the Exchequer what further steps he plans to take to alleviate the burden of paperwork on small firms.
§ Mr. Norman Lamont
We are continually looking at ways of reducing the burden of paperwork on small firms. 313W For example, as announced by my right hon. Friend the Chancellor of the Exchequer in his Budget statement last year, from July companies with a turnover below £250,000 a year will be able to make only one VAT return a year, instead of four at present. On the income tax side, form P11D, on which employers report expenses and benefits, will be reduced from four pages to two, in a more easily understood format, from next month. The amount of material being sent to employers operating PAYE for the first time is also being reduced.