The LITRG has warned of the consequences of the planned reduction from this April in the pension money purchase annual allowance (MPAA) from £10,000 to £4,000 a year, especially for those with limited money.
The decision today (21 February) by the Scottish Parliament to set income tax bands different from the rest of the UK is likely to result in increased complexity for some Scottish taxpayers, the body representing the country’s tax professionals has warned.
The Chartered Institute of Taxation (CIOT) is concerned that HMRC’s new measure to crackdown on abuse of a VAT simplification scheme may be ineffective and have unwelcome consequences for tax compliant small businesses.
A lack of clarity around the structure and benefits of the Scottish Government’s replacement for Air Passenger Duty (APD) risks inadequate parliamentary scrutiny, according to the body representing Scotland’s tax professionals.
The LITRG have welcomed HMRC’s commitment to carry out a review of all summer 2016 decisions made by Concentrix that have not already been challenged by claimants and to improve their compliance processes for 2017 and beyond.
The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement by HMRC that businesses will be able to continue to use spreadsheets for record keeping under the new quarterly reporting regime, and confirmation that no penalties will be levied for late submissions in the new regime’s first year.
The LITRG is urging taxpayers who miss the Self-Assessment filing deadline on Tuesday (31 January) but who have a reasonable excuse for the delay, to appeal against penalties for late filing.http://www.litrg.org.uk/contact-us