Office Of Tax Simplification Releases Report

Posted on 22 Dec 2020
Share Blog Post

Office Of Tax Simplification Releases Report

A final report in mid January was published by The Office of Tax Simplification (OTS) on unapproved employee share schemes, reports Harris & Co accountancy services. A set of recommendations were made to simplify this area of the tax system as well as the general taxation of unapproved share schemes, administration and internationally mobile employees.

This final report is one of many other updates made regarding the simplification of the UK tax system.

Key Recommendations Of The Office Of Tax Simplification Report

  • To create a marketable security where the employees are given an option to pay tax either on acquisition or when the security can be sold for cash.
  • To align the tax treatment of international assignees with the tax on other general earnings.
  • Creating an employee shareholding vehicle in order to encourage wider employee ownership.
  • To increase the availability of pre-transaction valuations, better provision of valuation information and more flexibility for companies on non-recognised stock exchanges.
  • To achieve administrative simplification by making easy PAYE deadlines and the main annual report, Form 42.

Contact Harris and Co Chartered Accountants Northampton

Harris and Co provides an excellent delivery service that covers all your business accounting, business advisory and tax services managed by a qualified, experienced and dedicated team of professionals. Our accountants Northampton help clients to manage their company by providing advice and up to date financial information.

Please contact us for more information on our chartered accountants Northampton and other services.

Tel: 01604 660661 or email: admin@harrisandco.biz

View more blog posts

SME lending increases
Posted on 19 Jun 2024
SME lending increases
read more
More tax awaits us
Posted on 12 Jun 2024
More tax awaits us
read more
High tax Britain
Posted on 05 Jun 2024
High tax Britain
read more
Biggest tax freeze in history
Posted on 29 May 2024
Biggest tax freeze in history
read more
Back To Top
01604 660661