2008 tax returns – a short tour. By Rebecca Benneyworth

Could you please post the link to the draft return? I cannot find it on the HMRC site...

http://www.hmrc.gov.uk/sa_drafts/pdf-2007-08.htm

You beat me to it! Long day until I could get back online.And no surprise that the search facility does not provide the link!! Searched for ages for it, only to find I had already bookmarked it!
Rebecca

Despite appearances to the contrary, these forms will not be read by machine.

I would however agree that the form is designed to suit the machine that reads it.

The "machine" in question being HMRC.

Given the need for the software suppliers to incorporate the changes into their software I would say this redesign is running late.

I have clients who like their returns done by the end of April.

It seems that however small your disposals- even if less than the present limit of £32500 and you have no gians you have to provide infromation.

Previously as I undersood it this was not necessary as long as gains were less than tax free allowance and £32500. So more work even when a nil taxable gain.

How long before theHMRC will want a list of the assets realised and unrealised when one file a return??

If HMRC manage to make us give Service Company figures it will not be the first time they have used tax returns to gather information for other purposes. SDLT returns require a vast amount of information which is totally unnecessary for calculation of the SDLT liability, particularly when leases of commercial property are involved, e.g. what is the proprety used for, details of passing rent when let property is sold, details of the vendor and his agent, purchaser's VAT registration number and IT or CT reference numbers. I understand that much of it is sent to the District Valuer so he can keep track of property and rental values. I suspect that much of it is also used for checking up on the vendor's CGT or the landlord's future IT/CT and VAT returns. It makes completion of the return very time-consuming and so expensive for the client.

Those of us who use software to calculate the tax liabilities should have no problems.

It seems to me that anyone filling in returns manually may have problems, now that there are now several boxes numbered 1, 2, 3, etc.

It will be interesting to see how these are dealt with in the 'helpsheet' referred to as being in the 'tax calculation summary notes'.