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TaxZone Digest - Issue 258

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21st Feb 2005
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===============================================================
The TaxZone Digest
Issue 258 - 21 February 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

************************** Top Jobs **************************
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**************************************************************

Editor's Note
=============
Almost a year ago Gordon Brown declared that, having accepted that the Inland Revenue should pay working tax credit directly to employees, the Government would consult employers on detailed implementation of the change.

The paymaster general said two months ago that the Revenue was consulting employers' representatives to ensure a smooth transition to direct payment. The timetable would be announced "once that consultation is complete".

The Federation of Small Businesses is losing patience. The
Government has not only let down employers. As the FSB's tax chairman points out, many employees "object to their boss knowing personal details about them such as their family income".

One TaxZone reader has already told of an employer who
"practically had a staff mutiny on her hands". How much bother is being caused by large increases in take-home pay due to working tax credit? Share your views:
https://www.accountingweb.co.uk/item/137348/786/784/785

Andrew Goodall
Editor, TaxZone
mailto:[email protected]

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TaxZone News: Key news at a glance
==================================

Retrospective tax law 'will undermine credibility'
--------------------------------------------------
Tax Faculty chairman Mark Lee warned that it may lead to poorer compliance and possibly evasion.
https://www.accountingweb.co.uk/item/137174/786/784/785

Online tax return filing is up by 48%
-------------------------------------
The Inland Revenue received almost 1.6m tax returns
electronically by last month's deadline.
https://www.accountingweb.co.uk/item/137072/786/784/785

Tax credits: MPs grill Revenue chairman
---------------------------------------
David Varney told MPs that it was in the nature of the system that there will be overpayments, and admitted that "lots of things" could go wrong with the IT system.
https://www.accountingweb.co.uk/item/137105/786/784/785

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Other news
==========
# ASP acquires TaxCalc user base
# IT Zone/HR Zone guide to payroll software
# ECJ Advocate deals 'devastating blow' to Customs
# Isle of Man may cap personal income tax
# Brown 'rules out' inheritance tax reform
# Tax body raps Revenue over complaints
# KPMG 'regrets' mass marketing of tax shelters
# Revenue refused 7,000 pounds tax credits repayment
http://www.taxzone.co.uk

Isn't it time you were due a tax break?
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Immediate ROI! How did they do it?
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---------------------------------------------------------------/

Revenue Watch
=============

# Working Together: Issue 20
# Help with form 42
# Pension Schemes: Tax simplification
https://www.accountingweb.co.uk/item/136496/786/784/785

CareerZone
----------

Statutory Accounts Production Consultant, 20k, Warrington
Datel is the UK's leading integrator of business & customer
relationship management systems
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For further vacancies please visit CareerZone
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Practical guidance from the popular Any Answers
===============================================

* IR35: umbrella companies and expenses.
https://www.accountingweb.co.uk/item/137250/786/784/785

* CGT: transferring half share in property to spouse.
https://www.accountingweb.co.uk/item/137180/786/784/785

* Debtors double-counted in previous years' accounts.
https://www.accountingweb.co.uk/item/137213/786/784/785

Other questions answered in the past week included: client not
wishing to declare property gain; daily penalties for late tax
returns; are tax penalties legal?; pub talk - tax holiday.

Sincere thanks to Ken Howard, Peter Blatch, Nigel Fisher,
Marcus, David Pedlow, Mark Gauden, John Mackay, Philip Easton, Alan Webb , Jim Greenfield and many others for their answers.
http://www.taxzone.co.uk

** Recommend a friend to AccountingWEB and win 2020's Audio CD
collection **
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