Press releases

 


With just over 100 days to go before it becomes compulsory for most VAT registered businesses to keep digital records and file their VAT returns via software, the Low Incomes Tax Reform Group (LITRG) is very concerned that HMRC are yet to publish detailed guidance to explain when someone might be able to claim exemption from the new rules and how they should do this. This will leave some worrying unnecessarily as to how they are going to cope with the new regime and others with very little time to prepare if their application for an exemption is turned down unexpectedly.

The Chartered Institute of Taxation (CIOT) has welcomed the government’s commitment to bring forward detailed proposals on how frameworks for employment rights and tax could be aligned, but has warned that it will be difficult to do this while ruling out changes to national insurance in relation to employment and self-employment.

Commenting on the Scottish Government’s income tax proposals for 2019/2020, Moira Kelly, chair of the CIOT’s Scottish technical committee said:

The Chartered Institute of Taxation (CIOT) is warning the government that constant tinkering with ‘left field’ changes to tax rates and allowances undermines the consistency and predictability that taxpayers and businesses crave – and risks reducing international competitiveness, even where the substantive changes are intended to increase it. The note of caution comes as a number of changes to allowances for business are quietly working their way through Parliament in Finance (No.3) Bill.

The Chartered Institute of Taxation (CIOT) has welcomed a parliamentary report published today which calls for stronger safeguards against misuse of HMRC powers.

The Low Incomes Tax Reform Group (LITRG) has welcomed the recommendations of a critical House of Lords Economic Affairs Committee report titled Making Tax Digital for VAT: Treating Small Businesses Fairly, published today. LITRG says too many taxpayers are still in the dark about this compulsory switch to digital record keeping and reporting of VAT due to begin in April 2019.

The CIOT and ATT share many of the doubts about the potential increase in the tax take and business readiness for Making Tax Digital that are expressed in a House of Lords Economic Affairs Committee report titled Making Tax Digital for VAT: Treating Small Businesses Fairly, published today – and back the report’s call for a delay to the scheme.

The CIOT is pleased to announce the launch of a new module on international tax and the banking industry, as part of its ADIT qualification.

The Chartered Institute of Taxation has welcomed the publication of a new Finance Bill1 today, but criticised the number of measures in the Bill not previously consulted on, and the apparent timetable for the Bill’s passage through Parliament, which it believes will harm scrutiny of the Bill.

The Chartered Institute of Taxation has criticised last week’s Budget for the number of tax measures announced as ‘done deals’ without having been consulted on, and for excessive ‘tinkering’.