THE SIMPLIFICATION of the tax system for pensioners and share schemes will be the next areas of review for the Office of Tax Simplification, Accountancy Age can reveal.
The OTC will next week send its reply to Exchequer secretary to the Treasury David Gauke to confirm its studies for the coming year. Tax director John Whiting (pictured) and chair Michael Jack have pinpointed pensions and share schemes as the two areas they feel will benefit most from simplification. It will also focus on simplification of administration for small businesses, as Gauke requested in a letter to the OTS.
The review should “examine closely small businesses’ experience of tax administration and their contact with HMRC at key stages of their annual cycle”, Gauke wrote last month. “I would also like it to give specific consideration of the issues involved in starting and growing a new business.”
The OTS will report on these reviews before the 2012 Budget, he added.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states