Finding clear yet concise information on a subject as perplexing as taxation can be daunting especially with the copiousness and complexity of material available. Shrewd tax planning can reduce your year on year tax liability as well as ensuring that CGT and IHT are reduced and your pension is maximised. The new 2007-08 edition of the Tax Handbook continues the tradition of accessible and comprehensive coverage of all aspects of taxation. Fully revised and updated, this edition incorporates all the latest changes following the Finance Act 2007, offering sound practical advice on self-assessment and the entries in your Tax Return on a line-by-line basis. It provides detailed information on the complete range of taxes including CGT, VAT, stamp duty, IHT and national insurance, plus pension planning and property investment etc. In addition, the 2007-08 edition will have an accompanying website that will incorporate any changes to tax following the budget announcement, as well as quarterly updates.
Written by Tony Foreman and Gerald Mowles both experts within the field, for both the professional and non-professional, the Tax Handbook provides detailed information on the complete range of taxes from a variety of different angles - whether you're employed, self-employed, UK based, or an expat.
Table of Contents
INTRODUCTION - TAX BASICS AND THIS BOOK 1.1 Introduction and what's new for 2007 1.2 General strategy 1.3 Planning points if you are employed 1.4 If you are thinking of becoming self-employed 1.5 If you are already in business 1.6 Investments and capital gains tax 1.7 Managing your own business 1.8 Managing your investments and your family's financial affairs 1.9 Tax issues if you are non-resident or have a foreign domicile 1.10 Ensure that all important deadlines are kept SELF-ASSESSMENT 2.1 Self-assessment (SA) 2.2 New features of the 2007 SA form 2.3 Online filing of SA tax returns 2.4 Short tax return 2007 2.5 Ten golden rules for dealing with your 2007 tax return 2.6 Common errors 2.7 Providing additional information 2.8 Finding your way around the SA form HMRC & YOU 3.1 Understanding your responsibilities and rights 3.2 The tax return process 3.3 Revenue enquiries into tax returns 3.4 What penalties can the Revenue impose? 3.5 Remission of tax by the Revenue 3.6 Error or mistake relief 3.7 Codes of practice 3.8 Revenue information and advice 3.9 Statements of practice and extra-statutory concessions 3.10 Complaints and compensation 3.11 Revenue Adjudicator EMPLOYMENT 4.1 Basis of assessment 4.2 How tax is collected 4.3 Allowable expenses 4.4 Benefits-in-kind in general 4.5 Company cars 4.6 Free use of assets 4.7 Beneficial loans 4.8 Living accommodation 4.9 Miscellaneous benefits 4.10 Share incentives 4.11 Options to acquire gilts 4.12 Options to acquire other company assets 4.13 Golden hellos 4.14 Restrictive covenants 4.15 Redundancy payments 4.16 Golden handshakes and other termination payments 4.17 Designing a tax efficient' remunerati
Anthony Foreman is a Tax Partner with PKF, one of the ten largest firms of Chartered Accountants. He is a Fellow of the Chartered Institute of Taxation, has been a Member of the Chartered Accountant Tax Technical Committee and currently represents ICAEW at meetings with the inland Revenue. Gerald Mowles is a tax consultant for Amicorp (UK) specialising in personal tax, especially for US and other foreign nationals living and working in the UK.