ICAEW.com works better with JavaScript enabled.

TAX NEWS

Simplify tax system to unlock growth, says ICAEW

Article

Published: 15 Nov 2022 Update History

ICAEW’s Tax Faculty calls on the new Financial Secretary to the Treasury to review the decision to disband the Office of Tax Simplification (OTS).

ICAEW’s Tax Faculty has written to Victoria Atkins MP, the latest Financial Secretary to the Treasury, ahead of the Autumn Statement on 17 November, focusing on the theme of simplification.

The faculty strongly encourages ministers to review the decision to disband the OTS. Instead, ICAEW suggests exploring the expansion of the OTS’s role to focus on reviewing what progress is being made on the implementation of its proposals, not just on making recommendations to ministers. Furthermore, the OTS’s mandate could be expanded to pursue changes proactively.

The letter also highlights the need for a cultural change within HMRC to prevent the administration of the tax system from hindering growth. Examples include delays issuing VAT registration numbers and the wait in transferring VAT registration numbers across when a business incorporates.

A previous letter to Richard Fuller MP, in his role as Economic Secretary to the Treasury between July and October 2022, set out the Tax Faculty’s concerns over off-payroll working, making tax digital, and simplification of the tax system to help promote growth.


The Tax Faculty

ICAEW's Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.

More support on tax

ICAEW's Tax Faculty provides technical guidance and practical support on tax practice and policy. You can sign up to the Tax Faculty's free enewsletter (TAXwire) which provides weekly updates on developments in tax.

Sign up for TAXwireJoin the Tax Faculty

More from the Tax Faculty

Latest news
Making tax digital image
TAXwire

Stay up to date with the latest developments in tax by signing up to the Tax Faculty's weekly e-newsletter

Practical guidance
Cover
TAXline

Comprehensive support for Tax practitioners each month from the Tax Faculty and expert contributors.

Technical support
Tax Faculty image
Webinars

Expert advice from the Tax Faculty's technical managers on all the developments in tax policy and practice.

Open AddCPD icon

Add Verified CPD Activity

Introducing AddCPD, a new way to record your CPD activities!

Log in to start using the AddCPD tool. Available only to ICAEW members.

Add this page to your CPD activity

Step 1 of 3
Download recorded
Download not recorded

Please download the related document if you wish to add this activity to your record

What time are you claiming for this activity?
Mandatory fields

Add this page to your CPD activity

Step 2 of 3
Mandatory field

Add activity to my record

Step 3 of 3
Mandatory field

Activity added

An error has occurred
Please try again

If the problem persists please contact our helpline on +44 (0)1908 248 250