Posted by Tax Innovations on 16 Nov 2011
Modernising the Personal Tax System
The Government is releasing consultation papers that discuss an overhaul and simplification of the personal tax system.
David Gauke, the Exchequer Secretary set out a Governmental vision for a more open and transparent personal tax system that is easily understandable by all.
Today’s publication ‘ Modernising Administration of the Person Tax System‘ details ideas of how personal taxes can be made more visible to individuals and invites professionals and taxpayers to submit their views on a number of questions about the subjects mentioned below.
David Gauke said of the plans:
“At the moment, for a lot of people, the tax line on their pay slip is the only time they see just how much they’re paying in tax, but the Government doesn’t think that’s good enough. We want to make tax more transparent and we want people to be more engaged with their own tax affairs.
Our vision is to transform the customer experience of the personal tax system. The documents published today set the stage for the ideas and innovations that will realise that ambition.”
Individually the publications discuss:
- Increasing the visibility of how much tax individuals should pay.
- The integration of tax and NICs and;
- The introduction of PAYE real time information recording.
Increasing the visibility of how much personal tax individuals should pay
The Integration of Tax and NICs
The introduction of PAYE real time information recording
In December 2010, the Government announced that it was proceeding with introducing Real Time Information (RTI) recording from April 2013. RTI will involve automatically collecting information about tax and other deductions each time employers run their payroll as opposed to employers having to submit monthly and yearly reports.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or email@example.com.
- Property Partnership Incorporation and SDLT
- Top 10 tax tips for expats moving to the UK
- Overseas Pension Changes 6 April 2017
- Qualifying Non-UK Pension Schemes (QNUPS)
- UK Letting Income – Changes to “10% Wear and Tear” Rules