Press releases

 


The Chartered Institute of Taxation (CIOT) has welcomed figures published today (Thurs) showing that the ‘tax gap’ has fallen by a third in five years.1 But the CIOT has warned that the complexity of the tax system means taxpayer error is likely to remain high going forward, and that tax lost to non-payment due to business failure could be set to rise as a result of the current recession caused by COVID-19.

The Chartered Institute of Taxation has commented on the Scottish Government's plans to increase the threshold for Land and Buildings Transaction Tax (LBTT) from £145,000 to £250,000.

The Chartered Institute of Taxation (CIOT) has commented on today’s government announcements of a Job Retention Bonus and temporary cut in Stamp Duty Land Tax.

Replicating the chancellor’s plans to cut stamp duty land tax could result in more than 90 per cent of Scottish house sales being tax free but could drastically cut Land and Buildings Transaction Tax (LBTT) receipts, the Chartered Institute of Taxation (CIOT) has suggested.

HMRC have written to around one million tax credit claimants after omitting important income figures from their renewal notices.1 LITRG advises all tax credit claimants to check their paperwork carefully and are urging HMRC to use the full extent of their powers to correct any issues that may arise later due to this glitch.

The Low Incomes Tax Reform Group (LITRG) is encouraging self-employed people impacted by COVID-19 to double-check whether they are entitled to the first round of the Government’s Self-Employment Income Support Scheme (SEISS) grant before the claim window closes on 13 July.1

The Chartered Institute of Taxation (CIOT) has announced that it has licensed The Taxation Institute of Hong Kong (TIHK) to grant the designation ‘Chartered Tax Adviser’ to its members as the next step in developing the Chartered Tax Adviser (CTA) brand as a leading international standard in tax.

The Low Incomes Tax Reform Group (LITRG) is concerned that recipients of the Government’s Self-Employed Income Support Scheme (SEISS) grant1 might not realise that it is taxable. It has led LITRG to warn that, for many, a third of the grant might have to be ‘paid back’, in tax and Class 4 National Insurance (NIC).

The Chartered Institute of Taxation (CIOT) welcomes that construction businesses will get an extra five months to prepare for a major change in accounting for VAT, because of the impact of COVID-19.1 Without a delay there was a risk this major tax change risks hitting SMEs the hardest at a time when they need to protect jobs and livelihoods.

A concerned CIOT is calling for greater scrutiny and debate about the Government’s plans to curb Entrepreneurs’ Relief (to be re-badged ‘business asset disposal relief’), ahead of the committee stage of the Finance Bill on Thursday (June 4). The media was full of comments from friends and enemies of Entrepreneurs’ Relief in the weeks leading to March’s Budget but there was no formal public consultation, to the disappointment of the CIOT.