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Newsletter issue - January 07.

We're into a new year and already the taxman is after us, reminding us the deadline for filing of 2006 tax returns is fast approaching on 31st January. So if you haven't already supplied the information for completion of your return, please contact us urgently. The initial penalty for being late is £100. Whilst that may be affordable for some, not only does it rise if you continue to delay it is a factor that may put you at increased risk of a tax enquiry.

For anyone who may potentially be affected by the Arctic Systems husband and wife case you have to decide what to put on your return as the case does not get its final hearing until 5th June. Our advice is that where your situation is similar to that of Mr & Mrs Jones, as the taxpayer won the last case, that is the prevailing law at this time and your return should be prepared on that basis. In addition no note is required in the white space of the return that you are relying on this. If HMRC should win the appeal there will be time to amend your return if this is really necessary.

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