The Low Incomes Tax Reform Group (LITRG) is urging people to complete their 2019/20 Self Assessment tax return online by the usual deadline of 31 January1 or risk a fine from HMRC. HMRC charge an automatic penalty of £100 for tax returns that miss the deadline, and the penalties increase the later the return.2
The Chartered Institute of Taxation (CIOT) has welcomed a House of Lords report which encourages the Government to take tough action against a remaining ‘hard core’ of promoters of tax avoidance schemes, while ensuring new powers are carefully targeted and do not impact on mainstream advisers.
The Chartered Institute of Taxation (CIOT) is calling on the Government to confirm soon whether it plans to delay or extend major tax changes planned for Spring 2021 because of the ongoing economic impact of COVID-19. The plea for clarity by the end of January is to help businesses and people plan for 2021 with some confidence.
The Low Incomes Tax Reform Group (LITRG) has published a paper setting out how the tax system can be made to work better for taxpayers on low incomes. The recommendations in the paper are divided between seven key principles LITRG believes should be firmly lodged in the minds of those designing and managing the tax system.
The Chartered Institute of Taxation’s Low Incomes Tax Reform Group (LITRG) is warning that some of the lowest paid workers stand to benefit the least from the Scottish Government’s new £500 bonus payment to NHS and care workers if the payment is taxed.
The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s decision to allow late loan charge spreading elections, but has warned of other barriers stopping people from meeting their loan charge obligations. HMRC must address these barriers to break the impasse, says LITRG.
The new President of the Chartered Institute of Taxation (CIOT), Peter Rayney, today said that revenue protection, consumer protection, and the reputation of the tax profession all demand that tax avoidance schemes are ‘stamped out’.
The Low Incomes Tax Reform Group (LITRG) welcomes the Government’s commitment to review options to tackle the cost to taxpayers of advisers who are claiming tax refunds on their behalf. But LITRG cautions that government must also address the underlying factors which drive taxpayers to use such services, and that where HMRC have evidence of meritless claims by particular agents, they must use their existing powers more to protect taxpayers.
Tax professionals welcome the Government’s publication today of a consultation on Making Tax Digital (MTD) for Corporation Tax – especially the confirmation that it is not compulsory for companies until at least 2026.1
The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement by the government of the next steps in its efforts to raise standards in the tax advice market and to tackle promoters of tax avoidance.