The Treasury has just announced 30 tax updates as part of ‘Tax Day’. These will take the form of consultations and documents which include plans for tighter tax rules on second properties and simplify inheritance tax red tape. Businesses have welcomed the announcement and have long campaigned for a more modern and trusted tax system.
Afford Bond Director, Paul Edwards, said: “As we try to head out of lockdown, ee note that other consultations released include guidance on clamping down on tax avoidance, timely payments and especially Making Tax Digital, which is often a source of frustration for many businesses.”
The Association of Taxation Technicians (ATT) welcomed the “sensible” move to issue tax-related consultations on a different day to the “often frantic Budget Day announcements”.
They said: “The purpose of consultations and calls for evidence is to ensure that future policy decisions are made with the benefit of informed input from a wide range of perspectives.”
The Institute of Chartered Accountants in England and Wales, added: “Tax consultations were often lost in the crowd of announcements on Budget Day, so the move to publish them separately will give the proposals more focus and emphasise the government’s commitment to sincere and open discussions on the future of tax.”
The Chartered Institute of Taxation, concluded: “Early and open consultation, seeking views and ideas as widely as possible at the earliest possible stage of policy development, leads to better tax law, which is in the interests of both taxpayers and their advisers, and the tax authority.
“We look forward to responding to the consultations launched this week and encourage others to do likewise.”
If you need expert tax advice and guidance, please contact Ben Edwards at our Nantwich Accountants office T: 01270 623731 or Tom Hornbuckle at our Wilmslow Accountants office T: 01625 416380 or use the Contact Us form on our website.