Various clients have been joking that the new Office for Tax Simplification (OTS) must be bad news for accountants.
Our tax rules, through a mixture of case law and legislation have evolved over many years and in some areas have become mind-bogglingly complex. Reforming and simplifying these rules will be a challenge especially given the need to maintain and, in many cases, increase the tax take. The previous Government’s attempts at simplification invariably had the opposite effect. Let’s hope that the OTS is able to make a meaningful difference. Anything that brings greater simplicity, clarity and certainty to the tax system will be welcomed by all…even the accountants!
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