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Knees Up In A Brewery
SIMON SWEETMAN discusses the confusion surrounding Financial Reporting Standard 5.
I KNOW THAT for someone who is not an accountant to write about application note G to Financial Reporting Standard 5 is rather like a non catholic writing about the immaculate conception, and liable to incur the accounting equivalent of a papal anathema, but this is not so much about the technicalities as about what has gone on over the last few months.
Section 42, Finance Act 1998 said:
SIMON SWEETMAN examines the Revenue's and Chartered Institute of Taxation's joint review of income tax self-assessment enquiries.
THE CONDUCT OF Revenue enquiries under self assessment has been the subject of much criticism. My own view was that the Inland Revenue had not taken on board the differences between an old style investigation and a new style enquiry, except perhaps where it suited it to do so (see my article 'The Wrong Spirit' in Taxation, 23 November 2000 at pages 205 to 207).
