Short way round company tax (4)
I believe the answer is:
scot
'tax' is the definition.
(I've seen this before)
'short way round company' is the wordplay.
'short way' becomes 'st' (abbreviation for street; 'short' suggests a short form).
'round' is an insertion indicator.
'company' becomes 'co' (abbreviation).
'st' enclosing 'co' is 'SCOT'.
(Other definitions for scot that I've seen before include "Ancient tax" , "Native of Caledonia" , "Someone from Dundee?" , "9 [KEIR HARDIE], say" , "Aberdonian possibly" .)