UK Investigates New Tax Improvements

November 15, 2011 Taxation in UK

UK Tax ImprovementsLONDON – The UK public is set to see a number of tax changes aimed at optimizing the national tax payment system and increasing intergration among different types of taxes and levies.

On November 14th the UK HM Revenue and Customs (HMRC) published a public consultation paper on potential improvements to the tax payment system, named Modernizing the Administration of the Personal Tax System.

According to Exchequer secretary to the Treasury David Gauke, the ultimate aim of the paper is to determine how to make the tax system more transparent for taxpayers. He explained, saying, “At the moment, for a lot of people, the tax line on their pay slip is the only time they see just how much they’re paying in tax, but the Government doesn’t think that’s good enough.”

The paper calls for taxpayers, corporate bodies and tax professionals to provide information on what elements of the tax payment are currently the hardest to understand, what improvements they would like to see, and what technological systems would help improve tax regulation and tax compliance.

On the same day the UK government released a working paper on the subject of potential future steps for the greater intergration of personal income taxes and the national insurance contributions (NIC) paid by all employed taxpayers. The government is also establishing a new working group which will assess all suggestions and will proposed a plan to harmonize the collection of the NIC and personal income tax.
Photo by Images_of_Money

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