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Correspondence from readers on topical subjects.
UITF 40
I am writing on behalf of the Tax Faculty to explain that the position taken in Mike Leigh's letter ('Feedback', Taxation, 1 September 2005, page 601) is not a tenable one and, if followed, is likely to lead to difficulties with HMRC and cause problems for clients.
The Urgent Issues Task Force (UITF) Abstract 40 is quite clear in its intent.
Correspondence from readers on topical subjects.
UITF 40
I am writing on behalf of the Tax Faculty to explain that the position taken in Mike Leigh's letter ('Feedback' Taxation 1 September 2005 page 601) is not a tenable one and if followed is likely to lead to difficulties with HMRC and cause problems for clients.
The Urgent Issues Task Force (UITF) Abstract 40 is quite clear in its intent.
Frank Haskew Head of the Tax Faculty has written a chapter for this year's TAXline Tax Planning book (2005-06) which will appear on the Tax Faculty website later this month and will be available to all members of the Tax Faculty. As Frank states in his chapter:
'Under Abstract 40 the principle is to recognise revenue on contracts as they progress by reference to the amount of work completed …'
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