HMRC insisted that over and underpayments would always be a feature of the PAYE system after it emerged that between four and ten million people could be in line for a repayment, while at least 1.4 million face demands for unpaid tax.
The Government’s alternative proposals to restrict pensions tax relief are an improvement on the previous administration’s rules but there are still issues to be resolved to make them workable, said the CIOT.
The Chartered Institute of Taxation has questioned whether it is worthwhile for professional bodies to review draft legislation and provide comments on technical changes.
The regional national insurance contributions holiday for new businesses came into effect on 6 September.
HMRC has published the notes accompanying the ‘PAYE tax calculations’ sent to 45,000 taxpayers.
Chris Sanger reflects on the constraints which may shape the Coalition's vision for the future tax system
HMRC has defended the PAYE system after press reports indicated that between four and ten million people could be in line for a repayment, while at least 1.4 million face demands for unpaid tax.
The CIOT’s Low Incomes Tax Reform Group advised taxpayers to treat HMRC calculations showing an underpayment with caution.
The National Association of Pension Funds (NAPF) has welcomed the Government’s alternative proposals to restrict pensions tax relief for those on higher incomes, but warned that ‘unintended consequences will punish savers who are not high earners’.
Christian Aid is seeking to persuade four ‘household name’ companies to back accounting reforms to ‘help poor countries collect more of the tax billions which are rightfully theirs’.