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dmb · Joined: 12 Feb 2003 Posts: 8397

I heard this from a tax accountant this morning.

Forget saving up your receipts. It is now pointless. Yes, I know in the past it has been abolished and only to be reintroduced. but this time it is different. In order to comensate there is a change in the tax structure so that you are taxed less at source.... which means at the end of the month you should have a bigger pay cheque than last month. If not it means your employer is pulling a fast one.

This info was discovered just as I was leaving the lesson and I will get more detailed info on Monday...... as long as the thread is not zapped.

Anyone else got any info?

lovelace · Joined: 26 Jul 2006 Posts: 190

You're right, but just to be clear - don't throw away the ones you've been saving from last year, you can claim those this one last time.

Faustino · Joined: 10 Sep 2004 Posts: 601

Everyone seems fairly certain that this will be the last year but I'm still keeping my receipts for a few months.

dmb · Joined: 12 Feb 2003 Posts: 8397

Ok, the new tax legislation isn't actually due to be voted on until 2-3 weeks time. The problem is that under tax legislation new laws can not be back dated. So the problem arises when the new system is actually implemented 2-3 months into the new tax year, what to do for the first couple of months? Don't throw away your receipts just yet.