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:
- National Insurance Contributions and Statutory Payments – http://www.hmrc.gov.uk/agents/toolkits/nic-stat-pymts.pdf
- Property Rental – http://www.hmrc.gov.uk/agents/toolkits/property-rental.pdf
- Capital v Revenue Expenditure – http://www.hmrc.gov.uk/agents/toolkits/capital-v-revenue_0910.pdf
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