Latest reviews by the Office of Tax Simplification announced
Yesterday saw the latest review by the Office of Tax Simplification, focusing on the Taxation of small companies, as well as Income Tax and National Insurance. The structure of these subjects have been looked over, to see if a simplified format can be put into place. When looking into Income Tax and National Insurance, it will look closely at what steps are required to attain a closer alignment of costs, benefits and impacts, whilst considering the effect these changes will have on compliance, businesses, Taxpayers, avoidance and revenue implications.
The final report is due to be published prior to the 2016 Budget.
To find out more about the current reviews, please click on the relevant links below
Small company taxation review https://www.gov.uk/government/publications/ots-review-of-small-company-taxation-tor
Income Tax and National Insurance Review https://www.gov.uk/government/publications/ots-review-of-income-tax-and-national-insurance-tor