Treasury launches consultations for tax day

Treasury launches consultations for tax day

 

The Treasury has published new consultations on how the tax system should work, including a call for evidence proposing changes to the tax administration framework, one considering whether some tax payers should have to pay their tax earlier, and an interim report on the government’s review of Business Rates.

 

Responding to the publication of the consultations, ESB Accountancy said:

 

“We’re pleased that the government plans to update the administrative framework underpinning taxation to create a modern system. Making tax work for the 21st century is a huge project which will need to be broken down into manageable chunks, with a big investment in HMRC’s systems, new legislation, and care taken to ensure that there is no inadvertent erosion of taxpayer rights.

 

“However, we’re concerned by the proposals for tax to be paid closer to the time when income is received, as for many taxpayers an accurate assessment of the amount owed can only be made on an annual basis.”

 

“Revisions to the business rates system should aim to give much-needed certainty about rates liabilities, so someone who is starting a business can easily find out how much they would need to pay; unfortunately, there are few indications from the interim report that this will be delivered. We’d also like to see a system that is more responsive in adapting quickly to economic changes, such as in the downturn we are experiencing now.”

 

“We look forward to finding out which considerations will be taken forward in the final report in the autumn.”

 

Please talk to us at ESB Accountancy to discuss how your business can comply with the new tax, finance and accounting laws – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

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