'Slight of hand' wrangle over PAYE filing incentives

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If you are a regular reader of "What's New" on HM Revenue and Customs' website then you may have been confused by the case of the disappearing PAYE online filing press release.

The press release went up on the site on 31 January to say that HMRC had reconsidered the regulations governing the filing incentive and as a result would be withdrawing or preventing payment of e-filing incentives from any companies formed to take advantage of wider tax breaks. The rationale behind the release seems to be that this was "in the spirit" of HMRC's recent stance on anti-avoidance, and that they had just previously mis-interpreted the legislation.

The problem was that they had already published guidance which said the opposite and so "all hell broke loose", as one accountant put it, and HMRC removed the i...

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By NeilW
21st Feb 2007 07:57

Slight error
Nice article in Taxation. However there is a slight error. If you pay yourself a salary equivalent to the personal allowance then you *still* have to run PAYE. PAYE is governed by the requirement to fill in a P11 and you have to do that for everybody who pays themselves above the LEL.

The LEL for 2006-7 is £4368 per annum and the Personal Allowance is £5035.

You don't get away with the paperwork just because the tax payable is 0% (and of course you should get your incentive at this level as well. After all the regulations *require* you to fill in the PAYE forms).

NeilW

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16th Feb 2007 12:10

Back to the issue in hand...
We've covered this in Taxation as well this week - it's my Comment article so it's free for everyone to see:
http://www.taxation.co.uk/Articles/2007/02/15/51486/Now+you+see+it.htm

There's also a link there to a pdf (on our site) of the original press release for those who want to see it in all its glory.

Mike Truman

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14th Feb 2007 16:26

Don't mind me
Sorry, I just presumed the typo would be 'tippexed', my posting would be erased, and all would be well.

Like that article that started off dated July 2007 a few weeks ago ...

Just trying to help keep up the site quality standards !

Incidentally I use http://www.chambersharrap.co.uk/ - there's even a Firefox search plugin that makes it easy to use.

Now, back to the disappearing press release !

PS also see http://eggcorns.lascribe.net/

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By Anonymous
15th Feb 2007 09:10

Don't mind me,
no offense taken or meant. One of those words that can be spelt either way, and my son's book is called "Slight of hand" and all about magic (very good tricks) and so I took the title. I did google the expression before I submitted the article and you will see that there are milions of web pages for either spelling.

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14th Feb 2007 11:18

(typo)
presume this should be "sleight of hand" ...
... meaning "cunning trickery" as opposed to "having small hands" ... ?

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By jmsynge
14th Feb 2007 16:21

SLIGHTLY incorrect I'm afraid
I agree entirely with the author's intentions as regards getting her meaning across (see below 1), but must point out that the first responder is also entirely correct (see below 2)

Wikipedia Library > Reference > Wikipedia sleight of hand

1. Sleight of hand is not a branch of magic, but rather the means used by a magician to achieve magical effects. The techniques involved are sometimes difficult and may need months or years of practice before they can be performed proficiently. Sleight of hand is mostly employed in close-up magic, but it can also be used in stage magic.


2. Etymology
Sleight of hand is often mistakenly written as slight of hand. Sleight, meaning dexterity or deceptiveness, comes from the Old Norse Sloegdh, and slight, meaning slender or frail comes from the Old Norse slettr. Apart from their pronunciation they have nothing else in common.[1]

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14th Feb 2007 16:15

NOW NOW CHILDREN
Me thinks it is time for the two to shake hands!!!

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By Anonymous
14th Feb 2007 13:15

No typo
There are two ways to spell this word that is all!

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