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The TaxZone Digest
Issue 253 - 17 January 2005
News & tips for the tax community
http://www.taxzone.co.uk
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In association with: The Chartered Institute of Taxation
http://www.tax.org.uk
and the Tax Faculty of the ICAEW
http://www.icaew.co.uk/taxfac
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Being late is a criminal offence
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Editor's Note
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A report for the Child Poverty Action Group said last June that
during 2003/04 the Revenue routinely sought full recovery of tax credit overpayments by the end of the same tax year. The practice could, in some cases, "increase the risk of children falling into poverty".
Now, seven tax and welfare bodies have written to every MP in an effort to press Treasury ministers to sanction a more generous approach. Broadly, the Revenue says an overpayment made because of Revenue error can be written off if it is reasonable for the claimant to have thought the award was right.
But award notices and explanations are not easy to understand. Some awards are substantial, and most families on tight budgets will have spent the money before an overpayment has been discovered. The CPAG report warned that where problems of structure and delivery in the system caused hardship, this ran directly counter to the Government's child poverty reduction agenda.
Ministers must look again. They might begin by talking to some of the volunteer workers who tell of claimants sobbing down the telephone.
https://www.accountingweb.co.uk/item/135732/786/784/785
Andrew Goodall
Editor, TaxZone
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TaxZone News: Key news at a glance
==================================
Revenue may be prepared to stop calling taxpayers 'customers'
https://www.accountingweb.co.uk/item/135663/786/784/785
Revenue departments ponder mission and values
https://www.accountingweb.co.uk/item/135488/786/784/785
Other news
==========
# Revenue targets eBay traders
# Government "wastes 81bn pounds a year"
# Tories may restore pension funds' tax credit
# ICAS questions revenue department's powers
# PAYE e-filing deadline shakes up payroll industry
http://www.taxzone.co.uk
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Revenue Watch
=============
# Community Amateur Sports Clubs
# Child Trust Fund
https://www.accountingweb.co.uk/item/135344/786/784/785
TaxZone articles
================
David Winch: Money laundering changes in store
https://www.accountingweb.co.uk/item/135620/786/784/785
Simon Sweetman: Simpler taxation for very small businesses
https://www.accountingweb.co.uk/item/135680/786/784/785
Michele Doussot: Taxing time for FBI agent
https://www.accountingweb.co.uk/item/135525/786/784/785
Issue 68: The New Pensions Regime (subscription)
https://www.accountingweb.co.uk/premium_content/newthwire
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Resources/Community
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Why should I be using the SWAT Practice Compliance Assessor?
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Being late is a criminal offence
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Companies can be penalised up to 5,000 pounds if they fail to
send in their Annual Accounts by the due date. And if they are
late filing their Annual Returns as well, the company could be
struck off and the directors could face a criminal charge. To
find out more visit
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Practical guidance from the popular Any Answers
===============================================
* Section 660A and an accountancy practice: Neil Wilson, John
Jenkins, hxj.
https://www.accountingweb.co.uk/item/135681/786/784/785
* SA - valuation of goodwill on incorporation: Kevin Ringer,
Daniel Barr-Richardson.
https://www.accountingweb.co.uk/item/135480/786/784/785
Other questions answered featured: VAT flat rate scheme; late
submission of tax returns; agricultural property relief.
Sincere thanks also to: Daren Peacock, Jenni Frost, David
Pedlow, Ray Chidell, John Mackay and many others.
http://www.taxzone.co.uk
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