Press releases

 


The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement in today’s Budget of mentoring support for low earning self-employed workers to help them grow their businesses. However LITRG is warning that changes are needed to the financial support that low earning self-employed workers get too.

The Chancellor has announced today in the Budget that having gone up to £11,000 in the tax year beginning 6 April 2016, the personal allowance will rise again to £11,500 in 2017/18. The marriage allowance will increase commensurately to £1,150 in 2017/18. 

The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement that the Government is investing £71 million to make it quicker and easier for individuals and small businesses to deal with HMRC, but says that this investment must lead to an improvement in HMRC’s service standards.

The Chancellor has announced today in the Budget that from 6 April 2017, there will be two new allowances for individuals with small amounts of property income or trading income. Each allowance will be £1,000. 

The Government announced today that HMRC’s Real Time Information (RTI) system is to be used by the Department for Work and Pensions (DWP) to reduce fraud and error in benefits.

The Government announced today that the new Tax-Free Childcare (TFC) scheme, originally due to start in Autumn 2015, will roll out in early 2017. Parents of the youngest children will enter the scheme first and it will be open to all eligible parents by the end of 2017. The Government also confirmed today that the existing scheme, Employer-Supported Childcare, will close to new entrants from April 2018. 

The Chancellor of the Exchequer has today announced a new levy on soft drinks that contain added sugar.

The Chartered Institute of Taxation (CIOT) has welcomed Chancellor George Osborne’s announcement today during the Budget that the Petroleum Revenue Tax (PRT) would be ‘effectively abolished’. 

In a neutral Budget overall, with many modest tax increases and decreases, the biggest tax increase was in corporation tax.

The LITRG has welcomed measures announced today that seek to enable more pensions advice to be made available on a tax-free basis to savers, but points out that significantly more needs to be spent on education in this area.