On July 20, the much heralded Office of Tax Simplification was launched. Its remit is to provide independent advice to the government on simplifying the UK tax system. It will be comprised of experts from across the tax and legal professions, as well as leading figures from the business community.
With an objective of reducing tax compliance burdens on both businesses and individuals, the Chancellor has asked the Office to take forward two initial reviews.
Firstly, there will be a review on all reliefs, allowances and exemptions within the taxation system with the government especially keen to identify reliefs that may be largely historic or infrequently used.
Also, there will be a review on Small Business Tax Simplification. The general aim will be to identify areas within the tax system that cause the most day to day uncertainty and complexity for small businesses.