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Expenses to be simplified

07.07.14

An announcement was made back in March during the annual Budget that outlined new expenses and benefits reviews. Now the government are asking contractors to give feedback on four consultations developed by the Office of Tax Simplification (OTS).

The consultations look at:

• Abolishing the £8,500 threshold for benefits in kind, including actions to mitigate the impacts of vulnerable groups affected
• The introduction of a statutory definition of a trivial benefit in kind
• Voluntary payrolling of benefits in kind
• Replacing the dispensation regime with an exemption for qualifying expenses that are paid or reimbursed by employers

The consultations will close on 9th September 2014.

"The government is now consulting on changes that will deliver real improvements for businesses and individual and their experience of the tax system," said David Gauke, Exchequer Secretary to the Treasury.

"We want to make sure we get the structure and detail absolutely right and each consultation will allow us to engage with – and learn from – those who will be directly affected."

Working as self-employed you can offset any business-related expenses against your taxable income. These expenses can be anything from travel to office space. Click here to register for Consort.

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