Tax Innovations



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. more	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. more	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. ....................................................................................... 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. more ....................................................................................... 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. more ....................................................................................... 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; more ....................................................................................... 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. more