Unlike the decision to drop the OFR, plans to save hundreds of thousands of
small businesses from the burden of filing an infamous tax form have been
The chancellor announced revisions to enable many businesses to escape Form
42, which relates to employee-share awards, in his CBI conference speech on
The form had been introduced to reduce unapproved share schemes - but
controversially led to more than 300,000 businesses being forced into filing.
HM Revenue & Customs denied suggestions that the form was so unnecessary
it had ‘thousands of dusty completed Form 42s in cupboards’ .
Anita Monteith, technical manager at the ICAEW, said: ‘If what Brown says
proves to be practically true, it will make a huge difference. Just as long as
it’s clear that many small companies won’t have to fill in the form’.
The form related specifically to ‘founder shares’. Penalties for not filling
it in could have led to companies facing ludicrous punishments.
Welcoming the change, Andrew Hubbard, a tax director at Tenon, warned the
revised 52-page guidance for Form 42 contained 10 pages of notes that would
still have to be checked to make sure a company is no longer eligible.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season