The Office of Tax simplification (OTS) have published an update on its current work in addition to a strategy consultation document. The latter document sets out and is seeking views on, how the OTS thinks it should develop and operate as a permanent statutory body once Finance Bill 2016 receives Royal Assent.

To deliver its strategy the OTS plans to:

• set out how new trends and changes in business and employment (such as the sharing economy) will impact on tax
• consider how to make tax simpler given these changes
• review areas integral to these trends and identify difficult issues where an informed discussion is required
• take the issues and options out for wide discussion and evidence gathering
• encourage simplification to be built into tax policy making and implementation early on in the process
• engage closely with HMRC on its digital agenda

A stakeholder event on this subject is also planned for 18 July.

The OTS has also published terms of reference for two forthcoming projects: a review of the corporation tax computation and a second phase review of income tax and national insurance alignment.

The OTS has also written to the Financial Secretary to the Treasury giving an update on its activities and future planned work.

The Northern Ireland Tax Committee of Chartered Accountants Ireland will be meeting with the OTS to discuss its ongoing review of small business taxation.