BECAUSE IGNORANCE COSTS – YOU NEED TOLLEY’S TAX GUIDE 2011-12

An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers

Another tax year, another Tolley’s!  This latest Tolley’s Tax Guide from LexisNexis -- the thirtieth annual edition of this plain speaking and reliable work -- incorporates all the changes in taxation law and practice since publication of the previous edition of 2010 – including of course the 2011-12 tax rates and allowances.  Obviously accountants or tax lawyers, for that matter, cannot live without their yearly Tolley’s.  But what is always noteworthy about Tolley’s, as The Times commented, is that ‘people with not financial experience can dip into the guide for clear answers to specific problems.’ 

The expressed aim of the book is ’to provide clear and concise guidance on all aspects of taxation that are likely to be encountered day to day’.  Whether you are a professional tax adviser, or just an ordinary personal or business taxpayer, you’ll find this volume indispensable.  As the publishers put it, this Guide ‘will show you how to reduce your tax bills and stay on top of your tax affairs’.  How handy, when you’re doing your tax return.

For this year, 2011, it is especially important to have this latest edition to hand as it includes the main changes that have been enacted by the Finance Act 2011 as well as various statutory instruments in the previous 12 months, including rates and allowances pertaining to income tax and tax credits…corporation tax…capital gains tax…inheritance tax and VAT.  Chapter 9 deals with the latest developments in dealing with HMRC.  Chapters 10 and 13 cover changes in national insurance rates and childcare relief. 

Changes to pension provision and capital allowances are also covered and there are also chapters on council tax and business rates, NI contributions, statutory sick pay and maternity pay, as well as adoption and paternity pay.  Usefully, the book contains many illustrative examples to show how the various provisions actually work in practice.  There are tax points at the end of most chapters – over 300 of them -- to demonstrate tax planning opportunities and there are numerous practical planning hints and strategies.

Logically structured, this Tolley’s is clearly laid out with headings and a detailed index at the back so that whatever you need to know is easy to look up within its almost 900 pages.  For exceptionally complicated tax matters, you are sensibly advised to seek professional advice. 

Here then, is a clear, concise reference to keep to hand on your shelf, or indeed at your elbow on your desk.  AccountingWEB has called it ‘the nation’s favourite tax book’ – and if you rush out and buy this latest Tolley’s, you’ll certainly find out why.