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Could Businesses Benefit From the New Office of Tax Simplification?

I have been keeping up with the financial news quite closely recently, ever since the new coalition government was formed.  It promised many things in those early days, not least of which was the need to ensure the tax laws in the UK were made much simpler to understand.  The term ‘spaghetti bowl’ was used several times in the press, likening the current system to a complex spaghetti bowl of intertwining laws.

Now however we have the new Office of Tax Simplification on our side, which will hopefully lead to better rules in the future.  I will be interested to see how things develop here.

The head of the new office is the former tax partner of PriceWaterhouse Coopers, John Whiting.  There will be two initial reviews of the tax system, each one focusing on a different part of it.  The one I feel is of most interest to many business people is the review for small businesses and the tax system they have to abide by.

The overall aim is a good one.  The idea is to simplify everything as much as possible, in order to make our tax laws much easier to understand.  I will be watching closely to see which tax laws are done away with altogether.  There may also be modifications as the results of the reviews are announced in due course, and we can only hope that the outcome is a positive one for businesses and individuals.

In the meantime if you have any questions or queries about the tax laws currently in place, contact St Matthew for professional advice on all tax matters.


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    Could Businesses Benefit From the New Office of Tax Simplification? - Tax, Legal & Business News from London - St Matthew Accountants London

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