News

The announcement that the UK Budget will be delayed until 2021 – with an expectation it will be in March – combined with the expected dissolution of the Scottish Parliament ahead of the elections in May next year, could leave MSPs with just a couple of weeks to agree on Scotland’s taxes for next year if last minute changes are needed.

The Low Incomes Tax Reform Group (LITRG) is warning people that they have until next Wednesday (30) to meet their loan charge reporting and payment obligations. The tax campaign group is particularly urging anyone who has worked through 'umbrella' companies to double-check whether they are liable to the loan charge.

The Chartered Institute of Taxation (CIOT) is calling for a rethink of plans for large businesses to notify HMRC if they adopt an uncertain tax treatment. The CIOT says the proposal is unclear, unfair and will lead to onerous demands on affected businesses.

The Chartered Institute of Taxation (CIOT) has given a cautious welcome to a government proposal for an ultimate legal requirement for anyone who wants to provide tax advice on a commercial basis to belong to a recognised professional body. The CIOT said an alternative proposal for a new government regulator of tax advisers would be costly and ineffective. The Institute was responding to a HMRC call for evidence on options to raise standards in the market for tax advice to benefit taxpayers and to better protect the public purse.¹

Carers in Wales look likely to miss out on the full amount of a government bonus, warns the Low Incomes Tax Reform Group (LITRG).

HMRC has today released an ambitious ten year plan for modernising the tax system,¹ capitalising on the opportunities provided by technological advancement. The Low Incomes Tax Reform Group (LITRG) broadly welcomes the direction of travel, but urges HMRC to ensure that no-one is left behind in the move to an ever more digital system.

HMRC have announced¹ that, from April 2023, self-employed businesses and landlords with turnover above £10,000 per year will be required to keep digital records and submit income tax updates every three months instead of filing annual self-assessment tax returns.

Commenting on the publication today of draft legislation and a consultation document on tackling promoters and enablers of tax avoidance schemes, CIOT Tax Policy Director John Cullinane said:

The Chartered Institute of Taxation (CIOT) has welcomed the launch of a fundamental review of Business Rates in England. The Government published a call for evidence today following an initial announcement at Budget 2020.

The Chartered Institute of Taxation (CIOT) is warning that a new Stamp Duty Land Tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland will add further complexity to an already highly complicated SDLT regime which applies to purchases of residential property.