HM Treasury

Business Groups Welcome Office of Tax Simplification

A new tax body set up by the Government to unravel the “spaghetti bowl” of complex tax laws has been broadly welcomed by business groups. The Office of Tax Simplification (OTS) task force, made up of a board of senior tax experts, is expected to deliver two reviews before the Budget next year. The first will look at all 400 tax reliefs, allowances and exemptions to see how they can be streamlined, while the second will focus on ways to simplify the tax system for small businesses, including finding a simpler alternative to IR35 legislation. IR35 was brought in ten years ago to tax “disguised employment” among contractors and freelancers. According to the British Chambers of Commerce (BCC), the establishment of the OTS was a “necessary and long overdue response... »

Make Your Mark

Enterprising Young Brits compete for Prize

Young entrepreneurs with innovative business ideas are being called on to enter the Enterprising Young Brits awards to be in with a chance of winning a £1,000 cash prize. The competition’s organisers, enterprise campaign group Make Your Mark, are aiming to discover the next generation of young British entrepreneurs under the age of 30. The award categories include: Business, Social and community, Teen, Creative, and Doing business globally. A shortlist of five finalists per category will be invited to pitch their ideas to a panel of judges, which includes representatives from HM Treasury, the Make Your Mark campaign and high–profile entrepreneurs. The shortlisted candidates will need to convince the panel of the originality of their idea and the challenges they have overc... »