National Simplicity Day

National Simplicity Day was founded in honour of Henry David Thoreau, who was born on July 12, 1817. Thoreau was an advocate of living simply and wrote a number of well known books on the subject. However, in what is becoming complicated world where mobile phone’s, laptops and other modern day gadgets, true peace is sometimes had to find. 

The UK has one of the most complex tax systems in the world, and last year on National Simplicity Day we celebrated how work of the Office Tax Simplification is making a difference. Bill Dodwell, Chief Editior of Tax Adviser Magazine and Tax Director of the Office of Tax Simpliciation shared a deeper insight into the inner workings. If you missed it, you can read all about it below. 

This year we are pleased to bring you simple top tips from BPP, Kaplan and Tolley for keeping studing simple and easy. 

BPP

1.  The key is to identify scenarios and tax problems in a question to help you get become faster at reading and answering questions 
2. Preparing checklists and revision summaries with key words will ensure you achieve technical coverage in your answers 
3. Learn to apply the rules by producing model answer plans

Kaplan

1. Try to avoid stress and burnout by managing your workload. Accept that you can't do everything so learn how to prioritise your most important tasks. Work out what needs to be done right now, what can wait, and what doesn’t need to be done in the near future.
2. Learn the technical content after the lecture. Find the time to review the lecture material and practice the questions allocated for homework. 
3. If you struggle with staying focused, try the pomodoro study technique: Set a timer for 20 minutes, do nothing but work/study in that time. Set another timer for 5 minutes, give yourself a break to do whatever you want. Rinse and repeat!

Tolley

1. Planning is everything: Once you have committed to an exam, it’s important that you plan your time properly. Be realistic about what you can achieve in each study session and set concrete goals; if you achieve this within the study session you will feel positive and motivated.
2. Practice makes perfect: Question practice is the key to passing exams – don’t just read answers to questions, but type up the answers in full yourself to gauge if you really do understand a topic.  You can practice these using our on-screen Question Banks, some of which you can view here: www.tolleytraining.co.uk/content/free-content  Our Tolley On-Screen Mock (TOM) system replicates Exam4, so by starting this practice early you’ll be well-prepared for the exam format on the day.
3. Stay positive: Some study sessions may go better than others – sometimes you will feel on top of things, other times you may feel that you have not achieved as much as you wanted to. Remember that everyone feels like this at some point – stay positive and focus on the progress you have made. 

What is the Office of Tax Simplification?

The OTS is the independent adviser to government on tax simplification.  Technically it is an independent office of the Treasury.  It has a staff of up to 10 full-time equivalents and an independent Board.

When and why was it set up?

The OTS was set up in 2010, following a Conservative manifesto commitment, based on a report chaired by former chancellor Lord Geoffrey Howe. Initially it was set up informally, with John Whiting as Tax Director and former minister Michael Jack as chair.  In 2016, it was given statutory authority in Finance Act 2016. 

What is the connection between OTS and CIOT?

Strictly none, of course – and it’s just coincidence that the first and third tax directors are past presidents and the second a former council member!  The OTS regularly consults with the CIOT, LITRG and the ATT – as well as a wide range of other stakeholders and we are grateful for their expert advice.

What is your role at the OTS?

I started as a team member in July 2018, after I retired as head of tax policy at Deloitte. A couple of months later, the tax director resigned. I applied for the Tax Director role and started in that role in January 2019. 

Can you give examples of OTS work which you felt was particularly successful and made a difference?

I think that the work of the OTS is considered in a wide range of potential reforms put forward by the government and HMRC. Our recommendations are quoted in many areas – for example in the Tax Admin Framework consultations. Our recent Capital Gains Tax reports were referenced extensively in the media and brought a debate about the role of the tax into public view. All our administrative recommendations for inheritance tax have been accepted with major changes starting from 2022.

How influential is the OTS?

That’s probably one for others to judge.  We’re an adviser not an implementer and part of our success comes from encouraging government and HMRC to make improvements to our tax system.

What 3 things would you like to leave within the minds of your readers today?

Your contributions are vital to the work of the OTS.  We depend on evidence of problems and suggestions to drive recommendations. Please also consider supporting our recommendations through the CIOT/ATT or other bodies – as that will help make the case for change.  Finally, please let us have your ideas of areas of complexity where an OTS review could help!

Join the debate and share your views with us this week. Look out for our social media post. We look forward to hearing from you.