Content
U-Turns Galore
Premises, Promises
Filing Bonus
RIP: 0% Rate
His and Hers
Party Spirit
State Of The Union
VAT's The Point?
Going Dutch
Away Win For Revenue
WIP-Round
The Best Land Plans
Tax Free Gizmos
Where Theres A Will
Do You Work Here?
Out Of The Shadows
Sacrifice Works
Home Sweet Office
Sauce For The Goose
Blissful Ignorance
PC Or Not PC?
Lost On Penalties
Worth The Paper
Carry The Can
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Gordon Brown never quite admits to making a mistake, but there have been several near misses recently. The last couple of years have seen the ridiculous requirement to file "Form 42" wherever shares are issued to an employee, even if it's a routine incorporation rather than a share-based incentive or remuneration scheme. It's estimated that over 400,000 pointless pieces of paper were sent to the Revenue for 2003/04. This has now been abolished for "founder shares" and transfers "in the normal course of family relationships". Accountants - and, surely, the Revenue - heave a sigh of relief. Then there is the Construction Industry Scheme, which requires contractors in the building industry to deduct tax from payments to sub-contractors unless they have the appropriate gross payment certificate. The Revenue announced in 2004 that there would be a major change to the scheme on 6 April 2006, but they have now listened to the warnings that no-one was ready and delayed the change for a year. This should reduce the chaos that we were promised if they had pressed ahead, but it does mean if your certificate was going to run out between 6 April 2006 and 5 April 2007, you will need to renew it rather than just going over to the new system. Another big complaint over the past couple of years has been the Revenue's attempts to claw back Working Tax Credit from people whose income has gone up by more than the £2,500 that the law was prepared to ignore. Now that limit's been put up to £25,000 - if you claim WTC because last year's income was low, and you get an increase of up to that amount, you won't have to pay back the WTC. If you have an increase of more than that, you can probably afford to! |
© Bayar Hughes & Co., 2010.