Tax simplification is still a long way off according to MPs

MPs say that whilst George Osborne’s budget measures have slowed the rate of complexity to the UK tax system, a lot more work needs to be done before we can say it is moving towards simplification.

The Treasury select committee said it was extremely hard to simplify a complex system but in order for simplification to occur, the government must change the design and administration of the system.

The proposed merger of income tax and National insurance will generate some benefits although it falls well short of the complete merger that the media had anticipated. The chancellor appears to have taken a cautious stance on this issue and instead of deciding on a radical change, he opted for a more modest one instead.

Meanwhile, chartered accountants are not immune from debt, depression and relationship breakdowns. In fact some people think the stress surrounding the job is a contributory factor to the problems.

Earlier this year, the Chartered Accountants Benevolent Association reported that it has been seeing a marked increase in the number of debt related enquiries and it expects to see the number keep on increasing throughout the remainder of the year. The CABA now has a debt management support and advice service to enable its clients to get help and support as soon as they realise they are in financial difficulties.

© 2019 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

Tags: , ,

Leave a Reply