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Tax Gap steady despite pandemicJune 23, 2022
‘Tax Gap’ figures published today show the gap remaining steady as a share of the tax that should be collected. The gap was down £2 billion in absolute terms in 2020-21 but this is in line with a fall in the theoretical tax liability during a year when the coronavirus pandemic had a significant impact on the tax system.
LITRG press release: Cost of living crisis - beware of hasty pensions decisions, warn tax expertsJune 22, 2022
The current squeeze on people’s incomes might lead some people to consider drawing on savings. The Low Incomes Tax Reform Group (LITRG) is concerned that hasty decisions to take money out of pensions could lead to costly mistakes. The group urges people to exercise caution and seek help.
LITRG press release: Tax refunds – taxpayers need better protectionJune 22, 2022
The Low Incomes Tax Reform Group (LITRG) has welcomed a consultation issued today by HMRC which aims to find ways to protect taxpayers from unacceptable behaviour by some Repayment Agents. However, LITRG is concerned that any action could take time to materialise, and taxpayers could lose out in the meantime. The group is urging HMRC to consider what more they can do to protect people in the short-term.
Teach more tax in schools, say campaignersJune 21, 2022
The Low Incomes Tax Reform Group (LITRG) is calling on MPs to give tax more prominence in the school national curriculum
Taxpayers unready and unenthusiastic about Making Tax DigitalJune 1, 2022
The Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) are calling on HMRC to increase their publicity around Making Tax Digital for Income Tax¹ after a HMRC instigated survey suggests lack of preparedness and enthusiasm among many businesspeople about this major change in how they meet their income tax obligations.
New President announces Diploma in Tax Technology in response to changes in tax workMay 31, 2022
The new President of the Chartered Institute of Taxation (CIOT), Susan Ball, announced today (31) that the Institute is to launch a Diploma in Tax Technology, responding to the impact that technology is having on the work of tax professionals.
CIOT comments on windfall tax announcementMay 26, 2022
Responding to Chancellor Rishi Sunak’s announcement today (Thursday) of a temporary levy on the profits of oil and gas companies to ease households’ higher than normal energy bills, CIOT Director of Public Policy John Cullinane said:
LITRG press release: Jeopardy of double tax risk for SEISS claimantsMay 25, 2022
Many self-employed, and partners in partnerships, claimed the fourth and fifth Self-Employment Income Support Scheme (SEISS) grants during the last tax year.¹ LITRG is reminding SEISS claimants that these grant payments are taxable income and need to be included on their 2021/22 Self Assessment tax returns² and warns of a potentially easy-to-make mistake that can see them take a double tax hit.
Online sales tax proposal does not click with tax expertsMay 20, 2022
The Chartered Institute of Taxation (CIOT) has challenged the case for introducing an online sales tax to fund new Business Rates reliefs. The Government itself suspects that these reliefs will lead to higher commercial rents, so benefiting landlords rather than retailers. In any event, it is disproportionate to introduce a whole new tax as a way of dealing with issues with an existing one.
Institute licenses South African Institute of Taxation to award Chartered Tax Adviser statusMay 16, 2022
The Chartered Institute of Taxation (CIOT) has announced that it has licensed the South African Institute of Taxation (SAIT) to grant the designation ‘Chartered Tax Adviser’ to its members as the next step in developing the Chartered Tax Adviser (CTA) brand as a leading international standard in tax.