Press releases

 


The Chartered Institute of Taxation (CIOT) is calling on the Government not to abolish income tax relief for legitimate work-related expenses for which they are not reimbursed by their employer.

The Low Incomes Tax Reform Group (LITRG) is reminding people who received tax credits during 2016/17, and who have received renewal forms from HMRC, to act by July 31 so that their payments do not stop. 

The Government have announced that the Summer Finance Bill will not be published until September, but they have provided some information about the content of the Bill and when measures will take effect.1

The LITRG is hopeful that the benefits of digitalising the tax system will be better secured as a result of today’s announcement that compulsory digital record keeping and reporting will be deferred.

The Chartered Institute of Taxation (CIOT) welcomes today’s announcement by the Financial Secretary to the Treasury, Mel Stride MP, that mandation of digital record keeping and quarterly reporting by small businesses and landlords for income tax purposes will be deferred until at least April 2020.

A combination of recommendations in the Taylor Review could see many more gig economy workers treated as employees for tax purposes and their engagers liable for employers National Insurance, says LITRG. While this could help bring an element of certainty, unless issues in the tax system are addressed, LITRG warns that avoidance options will continue to be available to engagers.

While welcoming the Taylor Review’s proposals to bring greater fairness in rights to certain workers in the ‘Gig Economy’, the Chartered Institute of Taxation (CIOT) advises that the suggestion in the Taylor Review to keep the three categories of workers under employment law - renaming one ’dependent contractor’ from ‘workers’ – means further work will still be needed to ensure fairness and simplicity in tax outcomes.

The Supreme Court today decided1 that tax planning undertaken by Rangers Football Club2 involving an Employee Benefit Trust (EBT) did not succeed in avoiding employment income tax and National Insurance Contributions on amounts paid to the EBT for players and executives.  This followed successes by the Club in the First Tier and Upper Tier Tribunals but a reversal in the Court of Session.   

The Chartered Institute of Taxation (CIOT) has called for greater clarity before HMRC moves ahead with its latest measure to crackdown on VAT non-compliance by overseas companies that trade online.

The Chartered Institute of Taxation (CIOT) has called on HMRC to allow taxpayers a limited number of defaults before incurring a penalty for late submissions under the new proposals for digital tax reporting.1 This can be achieved by allowing those taxpayers a short extension period on those particular occasions.2