The passing of PY

Article Abstract:

The changes to the UK's system of income tax assessment that were introduced by the Finance Act 1994 are likely to be included in the examinations of accounting students. One of the changes required by the new legislation is the replacement of the preceding year (PY) basis of assessment with current year (CY) basis for Schedule D, Cases I and II, which pertain to earnings from a trade, profession or vocation. This rule will take effect in 1997-98, with 1996-97 serving as the transitional year. It will cover every business enterprise that began trading after Apr. 5, 1995. Shifting from the PY to CY approach will require a computation of capital allowances by reference to the period for which accounts are drawn and not to the tax year. The new rules are discussed in the Intermediate Tax syllabus. Accounting students would do well to study these regulations because they are bound to become a favorite topic of examiners.

Accounting, Study and teaching, Tax policy, Tax assessment

---

Tax and transparency

Article Abstract:

The taxation of limited liability partnerships (LLPs) in the UK is described, with focus on how the partnership will be assessed in a similar way to unlimited partnerships, for income tax rather than corporate tax.

---

Taxing the converted

Article Abstract:

Issues are presented concerning the taxation which is levied on an ongoing limited liability partnership. Factors including capital gains tax, stamp duty on conversion, value added tax and income tax are discussed.

Similar abstracts:

• Abstracts: The selling of a scandal. From racing Demon to Redbus driver. The turnaround kid rides again
• Abstracts: Professional taxing. Dear departures. NSULCs: made in Nova Scotia
• Abstracts: The real election issue. Keeping the fat cats at bay
• Abstracts: The growing risks of general practice. We want to believe
• Abstracts: Baldwins: craning forward. Davis Service. Multi Group

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.