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Lawyers steal CCAB thunder
Now, we all know that CCAB institutes have got the hump with each other but at least getting together as the ‘umbrella body of choice’ every now and again allows them the chance to get annoyed with other professional bodies.
Following Brown’s announcement of tax-spreading relief for firms affected by new revenue recognition rules, the Law Society rushed out a press release saying that all its hard work, with some help from the CCAB, had led to the relief.
Unfortunately, one CCAB member was a little less than pleased with this statement, as it was the CCAB members that had done all the donkey work, according to those in the know. It also turns out that the lawyers suddenly reneged on sending out a joint press release with them.
Frankly, TS thinks that the CCAB should know what working with lawyers is about by now, and only have themselves to blame.
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UITF 40 - What few people have appreciated is that the so-called 3 year spread is actually far less generous than it appears. This is due to the way that payments on account work under the self-assessment system introduced in 1996. You would think that by now this would be well understood but it seems not. Because of these rules the so called 3 year spread will only actually allow 50% of the additional tax to be spread over 18m. It's a shame no-one seemed to notice this when the Chancellor was being thanked for accepting the need for a spreading relief. The CCAB (and Law Society) asked for a ten year spread and thought they'd got a three year spread. Better than nothing they thought. In fact it works out at very close to nothing after all!
Posted by :Mark Lee | January 3, 2006 11:18 PM