News

The Low Incomes Tax Reform Group (LITRG) is urging people who missed the 31 July tax credits renewals deadline to contact HMRC urgently to restart their tax credit payments.

The Chartered Institute of Taxation (CIOT) is warning about the challenging timeframe for the post-Grenfell disaster Residential Property Developer Tax (RPDT). It has led CIOT to call on the Government to indicate the rate range as soon as possible because it impacts residential development projects under negotiation now.

The Low Incomes Tax Reform Group (LITRG) is reminding people who claimed tax credits during 2020/21 and who have received renewal forms from HMRC, to act by 31 July so that their payments do not stop.

The Low Incomes Tax Reform Group (LITRG) is reminding Self Assessment taxpayers that the second payment on account for 2020/21 is due for payment by 31 July 2021 – and sets out how to make sure the payment on account amount is not excessive.

The Chartered Institute of Taxation (CIOT) says that consultation has fashioned the new compliance obligation for large businesses to notify HMRC of uncertain tax treatments into something that is largely workable, but similar effects could have been achieved without legislation, within the existing tax administration framework.

Proposed reforms to tax calculations for the self-employed, announced today, are a clear indicator that the government remains committed to an April 2023 implementation of Making Tax Digital for income tax, says the Chartered Institute of Taxation. However, the Institute has reservations over the pace of the change.

The Low Incomes Tax Reform Group (LITRG) is disappointed at a lack of progress towards rectifying an inequality which sees an estimated 1.5 million or more low-income workers paying a 25 per cent penalty for their pension savings. This issue can cost those affected (three-quarters of whom are women) around £65 a year due to the way their employers’ pensions schemes operate.

The Low Incomes Tax Reform Group (LITRG) has responded¹ to a major HMRC call for evidence on how the tax authority administers the tax system,² in which LITRG broadly supports reform of the tax administration system. But the group cautions that, to build trust, HMRC will need to prioritise certain problem areas when setting out plans for reform. LITRG therefore urges HMRC to create a clear roadmap for reform which sets out longer term goals as well as incremental changes needed towards those goals.

The Government’s fundamental review of the tax administration framework¹ is a golden opportunity to create a tax system that is simpler for taxpayers and their advisers to navigate, says the Chartered Institute of Taxation (CIOT).

The Office of Tax Simplification (OTS) should have a greater role in scrutiny of new tax proposals, says the Chartered Institute of Taxation (CIOT). This could include the development of a formal simplification framework against which the OTS can measure government proposals, and score its own recommendations.