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Section 660a: news round up

A round up of recent news on Section 660A, in the wake of the recent landmark decision:

Taxing questions for smaller firms [BBC]
Simon Massey of Menzies Chartered Accountants argues that not all husband-and-wife businesses should be concerned.

Arctic Systems judgement calls for 'difficult decisions' [AccountingWeb]
The number of business owners who will worry about the impact of the 'Arctic Systems' High Court decision in favour of HM Revenue and Customs "far exceeds" the number likely to be challenged, according to an expert on small business tax issues.

Tax bombshell hits consulting sector - but will you be affected? []
With around 500,000 Companies possibly affected it is impossible that the Inland Revenue could investigate any but a tiny percentage.

To determine how much Section 660A could cost you use the Section 660 Calculator.

Editors note (Feb 2012):
The original settlements legislation dates back to the 1930s and was subsequently updated first in 1988, when it became the more familiar Section 660. It was changed again in 2005 when it was updated and rewritten into its current form as Section 624 of the Income Tax (Trading and Other Income) Act (ITTOIA) 2005. See more information on the current settlements legislation.

Published: Friday, May 13, 2005

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Contractors handbook