The Low Incomes Tax Reform Group (LITRG) welcome the announcement of additional funds for HMRC’s compliance work in today’s Budget but point out that the two main areas earmarked for money – Job Retention Scheme fraud and the loan charge – contain intricacies that need specialist case handling.
The Low Incomes Tax Reform Group (LITRG) point out that furlough pay from now until September 2021 could be based on two-year-old pay data and would not take into account recent pay rises, including the April 2021 minimum wage rate rise, if existing rules remain in place.
Taxpayers may be disappointed by today’s Budget announcement that the personal income tax allowance will be frozen at £12,570 from the 2021/22 tax year, through to 2025/26.1 Depending on wage inflation over those five tax years, this could result in people paying more income tax in ...
The Low Incomes Tax Reform Group (LITRG) is reminding taxpayers that they have only days to file their 2019/20 tax return online and avoid an automatic £100 late filing penalty. LITRG also advises that any tax owed for 2019/20 should be paid, or a payment plan set up, on or before 1 April 2021 to ...
LITRG welcomes today’s long-awaited publication of the Evaluation of HMRC’s implementation of powers, obligations and safeguards, which comes after a long period of constructive engagement with LITRG and other stakeholders. LITRG has provided HMRC with feedback on the use of several ...
The Low Incomes Tax Reform Group (LITRG) is calling on HMRC to pause any further action against taxpayers yet to meet their loan charge obligations. LITRG said this will take account of people on low incomes who remain unaware that they were placed in loan arrangements. Such a pause will enable ...