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Tax System to be Simplified
Office of Tax Simplification to be launched.
“The Chancellor and Exchequer Secretary launched the Office of Tax Simplification on 20 July 2010 to provide the Government with independent advice on simplifying the UK tax system. The Office has been established as an independent Office of the Treasury and will draw together expertise from across the tax and legal professions, the business community and other interested parties.”
This announcement- two years in the offing for Chancellor George Osborne- is welcomed by all at Tax Innovations. The UK now has the longest- and most complicated- primary tax code in the world. Tolley’s 2009 tax handbook is a useful example of the snowballing legislation, since 1997 its pages have doubled to a staggering 11,520. It is an ever-increasing challenge for the tax industry to keep a measure of its entire content and there is no doubt that the unnecessary complications are providing a straitjacket for many commerces and transactions.
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Thankfully the gentlemen in charge of the independent Office are best-placed to clear up the confusion that has become the UK Tax legislation: Michael Jack has second-to-none experience in this sector- during his time as Financial Secretary he was responsible for establishing the Tax Law Rewrite project, which was tasked with rewriting the UK’s direct tax legislation in clearer and simpler language. John Whiting was appointed as the first Tax Policy Director of the Chartered Institute of Taxation (CIOT) in 2009 and he was awarded the OBE in 2008 for services to the tax profession.
We hope that the restriction of the gentlemen's roles to a ‘part time, voluntary basis’ does not stall progress, and- in agreement with the CIOT- that they are given the resources they need to really make a difference.
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We Won!!
Tax Innovations wins 'Best Sole
Practitioner’ at 2010 LexisNexis Taxation Awards
Winchester-based Tax Innovations has been awarded ‘Best Sole
Practitioner Tax Practice’ in the 2010 LexisNexis Taxation Awards. Now
in their 11th year, and widely regarded as the industry gold standard,
Tax Innovations is the first winner of this new award category,
sponsored by the Chartered Institute of Tax. The prestigious ceremony
was hosted by Hugh Dennis, from the BBC’s award winning Outnumbered, at
London’s Hilton Park Lane. Simon Griffiths, Founder and Managing
Director, accepted the prize on behalf of the Winchester-based
Chartered Tax Adviser.
Established in 1995, Tax Innovations is a privately owned firm of tax
advisers, with extensive and varied international experience gained in
previous senior tax positions. Offering the quality of advice normally
only found in larger practices, but with a personal service, its
clients range from start-ups to multi-nationals. Specialisms include
employee remuneration and HMRC issues, and capital gains/inheritance
tax mitigation.
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Simon Griffiths commented, "I’m delighted to receive the award on
behalf of the team at Tax Innovations; it’s testament to what can be
achieved by a small but dedicated firm of highly motivated advisers. By
providing tax advice to clients from a variety of background and
business situations, we’ve been able to develop an expertise which can
be applied in a cost efficient manner to meet individual needs. We’ve
achieved this, whilst maintaining the flexibility and intimacy of a
sole practitioner business, with the job satisfaction that it brings. “
For more information, please contact Chris Pitt on 01962 856 990
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New Tax Innovations
Site
As we are sure you have noticed, the Tax Innovations website is
undergoing some changes. This means that for a small amount of time
there may be a reduction in functionality. Please bear with us during
this time.
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Minimise Your Income Tax
Recent changes to the income tax rates mean that you could be paying income tax at up to 50%. This means that it is now more important than ever that you ensure that you are fully exploring all possible routes to minimise your income tax liability.
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To read the full article, please go to our news page or click this link - Minimise Your Income Tax
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Tax Free Childcare
HMRC have recently issued an updated guide to the tax implications of an employer providing childcare support.
There are three ways in which childcare can be provided tax efficiently.
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To read the full article, please go to our news page or click this link - Minimise Your Income Tax
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Late PAYE Penalties
From May 2010 HMRC is introducing penalties for late payments of PAYE. The new change may mean that you will have to pay a penalty if you do not make PAY payments on time for the following;
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To read the full article, please go to our news page or click this link - Minimise Your Income Tax
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Retirement Planning and Wealth Growth
From April 2010 the 40% higher rate of income tax effectively increases for individuals with annual income of over £100,000 up to a new 50% higher rate of income tax for income of over £150,000. Mannifest allows employer pension contributions to be made without income tax liability even if the member receives annual income of over £150,000.
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To read the full article, please go to our news page or click this link - Minimise Your Income Tax
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