The CIOT, a member group representing many contractor accountants, is calling on the new government to alter the way it makes the country’s tax laws. They believe that we should be following the US model which allows for more scrutiny over tax regulations.
The CIOT also says that the formation of a Joint Committee on Taxation could bring benefits to the UK. There is already a similar system operating in the US.
The organisation’s president, Vincent Oratore, said that there are deep flaws in the way the UK makes tax laws. He highlighted the lack of expert scrutiny and insufficient parliamentary time as the primary causes.
These flaws have led to a system whereby some taxpayers, such as limited company contractors, face unintended losses whilst others get the opportunity to practice tax avoidance, simply because the laws are badly constructed.
He went on to say that the UK can learn something from the US taxation model. Their Joint Committee ensures that both Houses of Congress can play a constructive, meaningful role in the creation of tax legislation.
In a bid to assist the HMRC in their work, and improve the standard of training provided for tax advisers in HMRC’s offices in Whitehall, the CIOT opened a new branch last month.
The Revenue employs 106 chartered tax advisers and before this new branch opened, some of their training requirements were not being met.
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