How to simplify the tax system:
- Reduce the number of taxes. The UK has a complex tax system with a wide variety of taxes, including income tax, corporation tax, capital gains tax, National Insurance, VAT, excise duties, and stamp duty. Reducing the number of taxes would make the system simpler and easier to understand.
- Flatten the income tax brackets. The UK income tax system has five different tax brackets, with rates ranging from 20% to 45%. Flattening the income tax brackets would reduce the complexity of the system and make it easier for taxpayers to calculate their tax liability.
- Remove the personal allowance taper. The personal allowance is the amount of income that you can earn before you start paying income tax. The personal allowance is currently £12,570, but it is tapered away for higher earners. Removing the personal allowance taper would simplify the system and make it fairer.
- Reduce the number of tax reliefs. The UK tax system has a wide variety of tax reliefs, which can be complex and difficult to understand. Reducing the number of tax reliefs would make the system simpler and easier to comply with.
- Improve the tax code. The UK tax code is over 100,000 pages long and is constantly being updated. This makes it difficult for taxpayers to understand their tax obligations. Improving the tax code would make it simpler and easier to understand.
These are just some of the steps that could be taken to simplify the UK tax system. By taking these steps, the government could make the system simpler, fairer, and easier to comply with.
In addition to the above, the government could also consider the following:
- Consolidating tax legislation. The UK tax code is currently spread out over a number of different Acts of Parliament. Consolidating this legislation into a single document would make it easier for taxpayers to find and understand the rules that apply to them.
- Using technology to improve tax administration. The government could use technology to improve the way that taxes are collected and administered. This could include things like using online filing and payment systems, and making it easier for taxpayers to get help and advice.
- Working with businesses and taxpayers to improve the tax system. The government could work with businesses and taxpayers to get their input on how to improve the tax system. This could be done through things like surveys, focus groups, and roundtables.
By taking these steps, the government could make the tax system simpler, fairer, and more efficient.
Suffice to say, it won't!Tax does have to be taxing.
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It's the Babylonian Money Magick System. If you don't know what it means or how it originated then look it up. Watch Rich Mans Trick or Zeitgeist The Movie on YouTube.ReplyDelete
Simplify the Tax System? Copy the Dubai model. They seem to be doing slightly better that the UK Bent politicians with millions in the Bank that think a Helicopter is public transport won't help you very much. They make sure the Tax System benefits them and not the working peasants using The Roman Circus method to keep you docile.
She's got a point.ReplyDelete