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MIKE TRUMAN has a look at the Revenue's helpsheet on how to apply UITF 40 and at what the practical implications will be
I'M QUITE HAPPY to leave the recent article by Robert Maas as the final chapter on the principles of UITF 40 but I do want to just pick up on a few practical issues that flow from its application. In particular I want to look at the example of Anita in HMRC's tax return helpsheet on the subject IR 238 (see below).
| Anita — original |
| Anita is a self-employed management consultant. She draws up her accounts to 31 December each year. She has one fee-earning employee who assists her with research at a cost to Anita of £25 per hour. |
| At 31 December 2004 she and her assistant are half way through writing a report. She estimates... |
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