Daily Mail Tax Guide 2007/2008 by Jane Vass
|Daily Mail Tax Guide 2007/2008 by Jane Vass|
|Category: Business and Finance|
|Reviewer: Sue Magee|
|Summary: A clear and jargon-free guide through the complexities of the tax system which is likely to provide the majority of taxpayers with savings well in excess of the cover price. Highly recommended.|
|Buy? Yes||Borrow? Yes|
|Pages: 352||Date: April 2007|
|Publisher: Profile Books Ltd|
Over the past ten years the amount collected in Income Tax has more than doubled. Quite a lot of this money will come from people who are unknowingly paying too much and a sizeable amount will be collected by H M Revenue and Customs (HMRC) from people who make mistakes in their Returns or send them in late. There are no prizes for paying more than the correct amount of tax - and no one is going to send you a grateful letter of thanks.
I have two admissions to make. Before I retired I was an Inspector of Taxes. The second is that the thought of filling in a Tax Return fills me with dread. I am only too well aware of the mistakes that can so easily be made and how a relatively small error can lead to a time-consuming enquiry - and a third of all Returns contain mistakes. Unless your affairs are very simple you might feel that you need some help to complete the Return and to ensure that your affairs are in order.
At one end of the scale you could rely on HMRC, but as Jane Vass so rightly points out in Daily Mail Tax Guide 2007/2008 the standards are variable and it is no part of the function of the Department to give you advice as to how you can arrange your affairs so that you minimise your tax bill. At the other end of the scale you could seek professional support from an accountant or tax adviser but standards here can be equally variable and the costs could be substantial.
Jane Vass' book provides a valuable middle course. It's not restricted to guidance on how to complete the self-assessment tax return but gives pro-active advice on how to plan your affairs so that you minimise your liability to income tax, capital gains tax and even inheritance tax. The tax system is complex and has become more so in recent years. This book will help you to understand how the changes affect you and give you an overall view of the system. You can check whether you are entitled to a rebate and there are more than 120 tax-planning and tax-saving tips.
The range of topics covered is commendably wide. It's understandable that there is more detail in some areas than others and that some subjects are dealt with more confidently. The whole of the book is written in clear, jargon-free language and whilst it might not make dealing with your tax an enjoyable task, it will certainly make the job a lot easier. If the section on record keeping is followed, completion of the Tax Return will be simpler year after year.
So, who needs this book? Unless your income is taxed under Pay As You Earn and you have little or nothing in the way of other income it should be possible to save more than the cover price of the book by using the comprehensive tax-saving and planning hints. People with particularly unusual forms of income might find that the book doesn't deal with their circumstances - Lloyds Underwriters were the only such group which I spotted - but apart from such exceptions the majority of taxpayers should treat the book as essential reading.
I'd like to thank the publishers, Profile Books, for sending a copy to The Bookbag.
You can read more book reviews or buy Daily Mail Tax Guide 2007/2008 by Jane Vass at Amazon.co.uk
You can read more book reviews or buy Daily Mail Tax Guide 2007/2008 by Jane Vass at Amazon.com.
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