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The Office of Tax Simplification (OTS) will be established on a statutory basis as a permanent and independent arm of the Treasury, the government has announced.
Documentation of last week’s Budget confirms that OTS will increase its staffing level and take on a wider role, looking further into the implementation of its own ideas to generate clear maps for tax reform, as well as continuing its study of specific areas of the system on a project basis.
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The complex system for reporting and taxing employee benefits and expenses is ripe for an overhaul, according to an interim report from the Office of Tax Simplification (OTS).
The document identifies issues for further study, including the payrolling of benefits, abolishing the £8,500 higher-paid threshold, and smoothing the differences between tax and National Insurance rules.
