Keeping up to date with the Finance Bill 2016

It is widely known that the deadline for HMRC self assessment tax submissions is 31 January. A somewhat less well known deadline related to this is the one set for Friday 29 January 2016. This is for submissions to the Finance Bill Sub-Committee in relation to the provisions of the Finance Bill 2016 to establish a permanent Office of Tax Simplification. Although most people who submit tax returns would not be expected to know about this deadline, it is important for tax payers, as it could lead to significant changes going forward.

The Office of Tax Simplification was set up with the intention of making submissions to HMRC as efficient as possible. While this was meant to be a temporary measure while a clearer process was established, many people believe a permanent Office of Tax Simplification would be beneficial in ensuring all future tax legislation changes focus on efficiency. The Finance Bill Sub-Committee are presently looking at ideas for a permanent Office of Tax Simplification designed to sustain a simple, transparent tax system in the future.

We would advise that people who complete self assessment forms should take note if a permanent Office of Tax Simplification is established. While our accountants will continue to carry out assessments on your behalf, it would be to your own benefit to remain aware of any upcoming changes to expectations and obligations.

The diversity and multi-layered nature of our economy makes it virtually impossible for HMRC to implement a universal simplified tax system. This is understandable, but should not mean that the system necessarily has to be complex. The move to establish a permanent Office of Tax Simplification is designed to ensure that we can have a fair, reasonable and successful system designed to benefit the economy. Whatever happens, we will be on hand to continue providing up to date and beneficial tax advice for North West London businesses.