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First OTS annual report published

The Office of Tax Simplification (OTS), the independent adviser to government on simplifying the UK tax system, has published its first annual report.

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The report, a feature of the new statutory footing of the OTS, also covers the period since it was set up on an informal basis in July 2010 and looks forward to the full agenda ahead.

 

The OTS provides:

  • reports offering practical recommendations (such as a cash basis for calculating the tax for the smallest unincorporated businesses);
  • analysis that shines a light on challenging structural issues (such as its reports on where the key hurdles and costs lie in the options for aligning income tax and National Insurance contributions);
  • insight into wider changes in the economy (such its focus paper on the gig economy);
  • a conduit into government to raise tax complexity issues.

 

To date the OTS has made over 450 recommendations, with over half accepted and another quarter remaining under consideration.

 

The OTS’s next reports, due out within the next few weeks, will cover routes for simplifying the corporation tax computation. The organisation is also currently working on a report on VAT, for publication in the autumn.

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