News

The Chartered Institute of Taxation (CIOT) has warned that the increase in employers’ national insurance announced today could have unforeseen consequences.

The Chartered Institute of Taxation (CIOT) has welcomed today’s investment in HMRC to reduce the tax gap, but is concerned that the lack of additional investment in customer service will prejudice those needing support to get their tax right.

The Chartered Institute of Taxation (CIOT) has welcomed the government’s attempts to provide more predictability to companies through the Corporate Tax Roadmap. However, a narrow focus and the lack of a clear statement of strategic aims misses a trick for greater coherence across business taxation and wider government priorities.

The Low Incomes Tax Reform Group (LITRG) has expressed concern in response to today’s Budget announcement that the income threshold for having to join Making Tax Digital for Income Tax1 is to be lowered from £30,000 to £20,000. We do not yet know the timeline for this change. This is to be announced at a future fiscal event, but today’s documents confirm that it will be by the end of this Parliament (2029).

Commenting on today’s UK Budget, Sean Cockburn, chair of the Chartered Institute of Taxation’s Scottish Technical Committee, said:

The Chartered Institute of Taxation (CIOT) has reacted to changes to inheritance tax, capital gains tax and taxation of non-doms in today’s Budget. 

The Low Incomes Tax Reform Group (LITRG) has responded to today’s Budget announcement1 that from April 2026 recruitment agencies, or end clients where there is no agency, will be responsible for accounting for PAYE tax and NIC on payments made to workers that are supplied by umbrella companies.

New HMRC analysis of the offshore ‘tax gap’ shines new light on under-declaration of foreign income by UK residents but shows that achieving the government’s tax gap targets will require painstaking, methodical work across a range of fronts.

The Low Incomes Tax Reform Group (LITRG) is urging HMRC to speed up the implementation of the new self assessment penalty regime after expressing concern that delays will leave some taxpayers, including those on low incomes, paying over a thousand pounds more for delays in filing their tax return on time.

Leading bodies representing tax advisers and accountants are today (Thursday 24 October 2024) calling on the Chancellor to put extra resources into HM Revenue and Customs’ customer service in next week’s Budget.