Bespoke Tax Accountants

Specialist tax advice, accountancy and tax returns

01242 505970
info@bespoketax.com

  • Home
  • About Us
    • Meet The Team
    • Careers
    • Statutory Information
    • Privacy Policy
  • Who We Help
    • Personal and Family
    • Business
    • Our Clients
  • News
    • Making Tax Digital
  • Giving Back
  • Contact
  • Cloud Accounting
    • Xero

OTS – making better use of third party data

15th July 2021 By bespoketax

OTS – making better use of third party data

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new report titled ‘Making better use of third-party data: a vision for the future’. The report sets out proposals for making better use of data held by third parties, such as reporting interest on savings and investments from banks directly to HMRC. 

Commenting on the report, the OTS Tax Director said:

‘The report considers the kinds of tax data individuals could find it helpful for third parties to automatically transfer to HMRC, and how this might best be embedded into the next stage of its work on the Single Customer Account.’

The report encourages the government to explore further and take forward this agenda, and to:

  • ensure that data reported to HMRC by third parties is visible to taxpayers and their agents through the forthcoming Single Customer Account, and used to update tax codes and support the completion of individuals’ tax returns
  • set out a clear roadmap of the stages through which changes would be consulted on and made
  • consider the most effective choice of unique identifier to enable third party data to be readily and accurately matched with HMRC’s taxpayer records
  • consult widely on the balance of responsibilities as between data providers, software providers, agents, taxpayers and HMRC
  • ensure that HMRC have the necessary funding.

Filed Under: General

Recent News

  • New measures to help with the cost-of-living crisis
  • Domicile and IHT
  • Agent authorisation re SEISS grants
  • HMRC wins disguised remuneration case

News Categories

  • Budget Summary
  • Business
  • Business Support
  • Capital allowances
  • Capital Gains Tax
  • Company Secretarial
  • Construction Industry Scheme
  • Corporate Governance & Regulation
  • Corporation Tax
  • Customs Duties
  • Duties
  • Employee Benefits
  • Employment & Payroll
  • Employment Law
  • European Union
  • Family Tax Credits
  • General
  • HMRC notices
  • Income Tax
  • Inheritance Tax
  • National Insurance
  • NIC & Pensions
  • Other duties
  • Overseas personal tax issues
  • Overseas tax issues
  • Payroll
  • Pension
  • Personal
  • Practice News
  • Stamp duty
  • Stamp Duty Land Tax
  • Tax credits
  • Tax Diary
  • Value Added Tax

About Us

Bespoke has a reputation for helping our clients make the most of their financial situations and in turn we have become a trusted extension of their business or family.

Bespoke assist with compliance requirements, providing specialist tax advice, and planning for now and the future.

Keep informed.
Sign up for our Topical Newsletter

Our FREE monthly newsletter will keep you up to date with the latest news related to the world of accountancy.

Register Here

Contact

Delta Place,
27 Bath Road, Cheltenham,
Gloucestershire, GL53 7TH
01242 505970
info@bespoketax.com

ICAEW Chartered AccountantsXERO Gold PartnerChartered Institute of TaxationMember of EISA

Copyright © 2022 · Bespoke Tax Accountants · Website by Culpepper & Co

.