Monthly Archives: June 2011

Consultation on National Statistics on Income Tax liabilities and receipts, and expenses and benefits

There is still time to take part in HM Revenue & Customs’ consultation on its Income Tax liabilities and receipts, and expenses and benefits statistics with users.  The consultation process will end on Friday 29 July 2011.

The aim of the  consultation is to understand how customers use the statistics and how the statistics can be improved to better meet the needs of users.

If you want to take part in this consultation then please fill out the short online form: Income Tax Statistics Survey (Opens new window).

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HMRC Toolkits update – May 2011

HMRC has updated its Toolkits named NICs and Statutory Payments; Property Rental; and Capital v Revenue Expenditure, and will update others in the coming months.

HM Revenue & Customs (HMRC) has updated the following Toolkits:

The following toolkits will be updated and published by the end of June:

  • Capital Allowances for Plant and Machinery
  • Capital Gains Tax for Land and Buildings
  • Capital Gains Tax for Trusts and Estates
  • Directors’ Loan Accounts
  • Private and Personal Expenditure
  • Trusts and Estates
  • VAT Input Tax

It’s important to note that if you use the 2009-10 toolkits for your clients’ 2010-11 returns there will be recent legislative changes that may apply.

The Marginal Small Companies’ Relief Toolkit will be updated following Finance Act 2011 to include the revisions to s 27 Corporation Tax Act 2010 that will apply to accounting periods ending on or after 1 April 2011.

The current Expenses and Benefits from Employment Toolkit relates to 2010-11 and will be updated for 2011-12 after the 2010-11 P11D filing date (6 July 2011).

The remaining toolkits all relate to 2010-11.

A new Business Profits Toolkit which highlights the errors seen in sales, expenses and certain technical areas will be published at the end of June.

Read more about, and find the latest toolkits to help reduce errors: http:/ /www.hmrc.gov.uk/agents/prereturn-support-agents.htm