§ Mrs. RocheTo ask the Chancellor of the Exchequer what estimate he has made of the number of hours per 157W week on average that small businesses will spend on the requirements of the new system of tax self-assessment. [3691]
§ Mr. JackThe Inland Revenue undertook very extensive research into the likely impact of the self-assessment changes on the costs to businesses, particularly small businesses, of complying with their tax obligations. The detail of this research is contained in a compliance cost assessment which was published on 29 November 1994. A copy is available in the House Library. It concludes that once the new system has bedded in, costs overall will reduce. The amount will vary from business to business, but it broadly equates with annual savings overall of £125 million to £250 million, after taking account of employer's costs, or between £30 and £60 per year for a typical small business.