A simpler system for taxing the self-employed

Article Abstract:

The Board of Inland Revenue of the UK is offering the self-employed two taxing system proposals that use either an accounting period basis (APB) or a current year basis. The APB regards the self-employed as corporate structures with tax rates dependent on the accounting period. The problem with the APB is its restricted applicability and tendency to complicate personal taxation. The current year (CY) taxation basis provides a less complicated approach to taxation. The CY option uses the fiscal year of the business year-end as the basis for assessing income tax and does away with the complications associated with adjustments for year-openings and closings. The CY system is closer to fulfilling the objectives set out by the Revenue because of the system's simplicity, efficiency and ease of use to both the taxpayers and the Revenue.

Finance, taxation, & monetary policy, Methods, Usage, Taxation, Tax administration and procedure, Tax administration, Self-employed persons, Self employed persons, Tax policy, United Kingdom. Board of Inland Revenue, Accounting periods

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Invest it yourself but be careful

Article Abstract:

Several pension plans have been designed to make it easier for people to manage their own investments. One such plan is Personal Pension Management's 'Destiny', which separates the administration and the investment management of personal pension. Provident Life offers another plan that allows people to choose their own stockbroker or fund manager for investment management. Other self-investment options are available from Scottish Equitable, Prudential Holborn, Britannia Life, LAS, Sun Life, and Albany Life.

Life insurance, Management, Services, Insurance industry, Life insurance industry, Investments, Pensions, Guinness Mahon and Company Ltd., Provident Life and Accident Co.

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