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FORM 42 DEADLINE EXTENDED AGAIN
The Inland Revenue has extended
the deadline for submissions of the new form 42
from 7 September to 30 November 2004.
This relates to a new requirement to inform the Revenue
of any shares issued or share options granted to directors
or employees since 16 April 2003. There is also a reporting
requirement where existing shares have been transferred
to employees by third parties - it remains the company's
obligation to report the transfer.
Companies must notify the Inland Revenue Share Schemes
Unit if a "reportable event" occurs. The definition
of this term is very wide-ranging and includes:
- grant, exercise or cancellation for cash of a share
option;
- acquisition or disposal of shares or other securities
(whether or not at market value);
- conversion of any shares or other securities;
- lifting or varying of any restrictions on shares or
other securities;
- artificial enhancement of the market value of any
such shares or other securities.
You must notify even if no tax is due in consequence
of the reportable event.You must notify the Revenue
for the tax year 2003/4 by 30 November 2004. The penalty
for failing to do so is up to £300 per 'reportable
event'.
If you need to report a reportable event you can either
download a form 42 from the Revenue website http://www.inlandrevenue.gov.uk/shareschemes/42-2004-q8-31.pdf
or provide the required information in the form of a
letter.
GUIDANCE ON REPORTABLE TAX AVOIDANCE SCHEMES
The Inland Revenue has published guidance
on schemes that should be reported to the Avoidance
Intelligence Unit.
The rules require disclosure of transactions or arrangements
which:
- are expected to obtain a tax advantage
- as a main benefit and
- involve certain employment or financial products.
The person responsible for making the disclosure is
normally the person who designed or
marketed the scheme (the promoter) but in some circumstances
can be the scheme user.
DISCUSSION ABOUT ANSELL IR35 WIN
Last week's newsletter included the news that 44-year-old
Mike Ansell from St Albans had won his IR35 case, which
had been heard by the Special Commissioners in April.
Members may read more details about the judgment on
the IR35
& 5.91 Issues forum.
INFORMATION FOR YOUR ACCOUNTANT
PCG's recent membership survey showed that over 85%
of respondents sought business advice from their accountants.
PCG already communicates with over 200 firms of accountants
who look after freelance contractor clients, many of
whom say that they value information from PCG about
IR35, Section 660A and other taxation matters.
If your accountant is not a PCG member or Affiliate
member, but you think they would like to receive information
from PCG about the Arctic case and other tax and case
law matters that are relevant to freelance contractors
and small business owners, please ask them to register
their details
online, indicating which publications they would
like to receive.
ANOTHER SUCCESSFUL EVENT IN STEVENAGE
Despite torrential rain and delays on trains, the evening
seminar in Stevenage last week was well-attended by
a mix of members and non-members. Co-hosted by Affiliate
member Baker Watkin and Millfield Partnership in association
with PCG, the seminar featured presentations on "Using
the internet and networking to market your business",
"Topical tax tips for freelance consultants"
and "Investing for your future".
PCG chairman Simon Juden presided over the event, and
after welcoming delegates, presented an overview of
PCG and its achievements to date in terms of policy,
lobbying, case law and the promotion of freelancing
as a valid way of working.
CFI MEETING IN MANCHESTER
The next meeting of the Collaborative Freelancing Initiative
(CFI) will take place in Manchester on Saturday 18 September
2004. Details
are available online.
COMMERCIAL FORUM A WINNER FOR DP CONNECT AND
MEMBERS
Established 14 years ago, DP Connect is a specialist
ICT recruitment solutions firm and PCG Affiliate member.
It places contract and permanent ICT professionals with
blue-chip organisations in the UK, mainland Europe,
US and Australia. These placements are both on a contingency
basis and also as part of managed outsourcing agreements
and fixed price projects. DP Connect's clients span
all industry sectors with long-term PSL (Preferred Supplier
List) relationships allowing them to gain an in-depth
understanding of the financial services industry, IT
and professional services sector and manufacturing arena.
Director Jan Stevens says, "We are extremely fortunate
to have a portfolio of highly experienced limited company
contractors who choose to work with DP Connect on a
regular basis and with whom we enjoy a relationship
of trust and good service. We are however always keen
to welcome new talent on board. To this end, we have
been posting bookings on the PCG's commercial forum
and have been very pleased with the response received.
"We have sourced a variety of skills," she
continues, "and found ourselves dealing with PCG
members who not only possess specific, highly sought-after
technical expertise but offer a wide knowledge of the
technology arena, of UK legislation and furthermore,
understand the business challenges of our clients. We
recognise that PCG plays an important role in keeping
its members informed in a fast-moving and increasingly
complex and regulated environment."
DP Connect has also received invitations to tender
for business as a result of its presence on the forum.
"This was an unexpected outcome for us," says
Jan, "but demonstrates the value of networking
that is offered by professional bodies like your own."
In return, Jan and her colleagues are confident that
they offer PCG members a highly professional service.
Their recruiters are long-serving and experienced personnel
who have the support of a dedicated Contractor Care
and Compliance team and an in-house payroll department
with a solid reputation for prompt, accurate payment.
COMMERCIAL FORUM PROJECT POSTINGS
For information about the latest job, project, contract
and work opportunities, see PCG's Commercial
forum , and Members'
Commercial forum. The Commercial forum may be accessed
by Affiliate members, and PCG welcomes postings by agencies.
This week's opportunities from the Commercial forums
include:
Oracle
8i perf tuning - Central London
Business
analysts - London or Rugby
Embedded
software engineers - Brugge, Belgium
REAL LIFE MEETINGS
North
Kent: - Monday 16 August 2004 19:30
Farnborough:
- Tuesday 24 August 2004 19:00
West
Midlands: - Wednesday 1 September 2004 19:30
Thames
Valley: - Wednesday 8 September 2004 20:00
Various members have also posted in the RLM forum about
potential meetings in Norwich,
Edinburgh,
Shropshire
and South
Wales. If you would like to attend RLMs in any of
these areas, please register your interest by posting
to the relevant thread.
Disclaimer - caveat emptor - PCG carries very limited
advertising only from known and reputable Affiliates
and complementary organisations. Even so, publication
of any advertisement carries no implicit or explicit
endorsement by PCG.
Professional Contractors Group Limited
Lakeside House, 1 Furzeground Way
Stockley Park East
Uxbridge
UB11 1BD
Telephone: +44 (0845) 125 9899
Fax: +44 (020) 8622 3200
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