ARTICLE · 01 JUNE 2011

Weekly Tax Update - Tuesday 31 May 2011

Smith & Williamson

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HMRC has written to us advising that they are currently updating the toolkits published for use with 2009-10 tax returns. The updated versions for use with 2010-11 tax returns will be published between 26 May and 30 June.

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Richard Mannion

1. GENERAL NEWS

1.1. HMRC Toolkits

HMRC has written to us advising that they are currently updating the toolkits published for use with 2009-10 tax returns. The updated versions for use with 2010-11 tax returns will be published between 26 May and 30 June.

The updated MSCR toolkit (Small Profits Rate & Marginal Relief for 2010-11) will be published following Finance Act 2011 to include the revisions to s27 Corporation Tax Act 2010 (attribution to persons rights & powers of their associates) that will affect accounting periods ending on or after 1 April 2011 HMRC has now published 19 toolkits covering a range of tax subjects. The final toolkit on Business Profits highlights the common errors regarding sales, expenses and particular technical areas and is currently in development. That toolkit will be published at the end of June bringing the catalogue to 20 toolkits.

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