Arctic rules don't add up


17 Dec 2007

  • Comments

So many advisers have slagged off the newly-released income-splitting legislation that even chief taxman Dave Hartnett would struggle to find someone happy with the new rules. Don't forget he berated Accountancy Age for not knowing that loads of advisers approved of HM Revenue & Customs' battle against Arctic Systems, apparently.

But beyond that cheap shot at Dave (who's busy enough as it is encrypting data discs), TS has been told on several occasions that the Treasury's examples used within the legislation contain simple tax miscalculations. For the example in box 1.1, Baker Tilly's George Bull was concerned they had failed to consider corporation tax for 'Nina and Joe's' imaginary business - which would have kept £9,000 from the Treasury's coffers and which he described as one of a number of 'serious and misleading errors' in the document.

TS is sure the Jones's of Arctic Systems fame would be pleased with this particular calculation.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send


Financial Planner

The Ministry of Defence Surgeon General’s (SG) Finance Department, Lichfield, Staffordshire, Permanent, Full Time, £ £30,008




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.