The Chartered Institute of Taxation (CIOT) has made a number of proposals for improving parliamentary scrutiny of the Finance Bill and other tax legislation.
Daily penalties of £10 will soon hit those yet to submit their 2016/17 Self-Assessment tax return form. It has led the Low Incomes Tax Reform Group (LITRG) to warn people in this position to file their return before the end of April in order to avoid the daily penalties accruing.
Scottish taxpayers are exposed to more complexity and potential confusion than ever before because of the introduction of new rates and bands of income tax from today, tax professionals have cautioned.
The Low Incomes Tax Reform Group (LITRG) is calling for more help for the low paid because of the increase in the cost of auto enrolment. This should include the Government both allowing those on the lowest pay to salary sacrifice and also finding a way to overcome the lack of tax relief for those in certain pension arrangements, says LITRG.
A Scottish Government plan to help first-time homebuyers by giving them a relief on property tax could be complex and difficult to enforce under current proposals, tax professionals have warned.
The results of a survey of members of the Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) suggest that there is no clear consensus in the tax profession to reform the increasingly popular rent-a-room relief.
The Chartered Institute of Taxation (CIOT) has welcomed a “practical and pragmatic” agreement between the UK and Scottish Governments on changes to tax reliefs following last month’s Scottish Budget.
Commenting on today’s unveiling by the European Commission of its plans on the taxation of the digital economy, Glyn Fullelove, Chair of CIOT’s Technical Committee, said:
The Low Incomes Tax Reform Group (LITRG) is calling on couples to declare money held in joint accounts otherwise they might face penalties for non-disclosure, and has suggested to HMRC ways they can prevent people falling unwittingly into non-compliance in the first place.
