The Chartered Institute of Taxation (CIOT) has concerns over fairness and complexity following the Chancellor’s announcement to tax as cash income all benefits-in-kind received through salary sacrifice, but welcomes the transitional rules for existing salary sacrifice arrangements.
The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement of a review into Research and Development (R&D) tax credits, but has stressed that the review must be wide-ranging if the R&D framework is to work effectively for small businesses.
The Chartered Institute of Taxation (CIOT) has welcomed the Chancellor’s confirmation that he will stick with the plans he inherited for corporation tax. But some of the adverse changes still create unexpected costs for business, and the pace adds to the risks of business uncertainty at the current time.
The tax implications for Scotland of leaving the EU are ‘detailed and complex’ and could have significant consequences for Scottish businesses and taxpayers, the body representing the country’s tax professionals has warned MSPs.
The LITRG has welcomed the Office of Tax Simplification’s call to bring National Insurance contributions (NICs) and income tax closer together but has suggested the Government may need to give financial support to some taxpayers in the transition.