Don't hold your breath

Article Abstract:

The UK tax system revolves around self-assessment, which means that taxpayers are expected to know the whole law and interpret it with regard to their own individual circumstances or be penalized for transgressions. The electorate must pressurize the government to replace the Tax Law Rewrite project with a Tax Law Simplification project that sets out to achieve real changes in the foreseeable future and harnesses the best talent within the Revenue with that in the professional bodies.

Tax Law, Public Finance Activities, Evaluation, Income tax, Tax policy

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Employment taxes update

Article Abstract:

Revenue and Customs issued penalty notices to the small number of large employers who did not file their 2004/05 employers' return online. The online return is now made easier with Form 42 issued for reporting transactions in employment-related securities and the guidance notes for completion of the form were revised.

Analysis, Corporate taxes, Employers, Corporations, Powers and duties, Tax returns, United Kingdom. Her Majesty's Revenue and Customs

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Promotion procedure

Article Abstract:

The Treasury and the Financial Services Authority (FSA) is lobbied by the ICAEW on the complexity and burdensome nature of the Financial Promotions Order (FPO). The FPO contains exemptions, which, if followed, allow an unregulated firm to promote certain financial services and/or products to their clients.

Financial Services, Finance and Insurance, DEPOSITORY INSTITUTIONS, Financial services industry, Exemption (Law), Exemptions (Law)

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