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Financial Briefings - Business briefings - UK IT Association (UKITA)

UK IT Association (UKITA)

The following financial articles have been supplied to UKITA by members who are financial experts in their field.


INCOME TAX - Late filing of self-assessment tax returns

HM Revenue and Customs has announced the penalty regime that will apply to taxpayers who filed their 2010-11 Self Assessment Tax Return late.

All taxpayers who have not yet filed their self-assessment returns online for the tax year ending 5 April 2011 face a daily penalty of £10 up to a maximum of £900 for the three month period starting 1 May 2012.

If the return still remains outstanding after this three month period, further higher penalties will be charged from six months and twelve months late.

These penalties are in addition to the £100 automatic late penalty which has already been sent to taxpayers who missed the 31 January 2012 deadline.


INCOME TAX - Buying and selling goods online

HM Revenue and Customs have introduced a voluntary disclosure facility to target individuals who should be paying tax on income they earn from buying and selling goods direct to others using online marketplaces such as EBay.


VALUE ADDED TAX - Updated VAT thresholds

The compulsory VAT registration and deregistration limits applicable to trading individuals and entities from 1 April 2012 have been updated from those publishedin April 2011.


TAX CREDITS - Claiming tax credits

Families and individuals that receive tax credits need to renew their tax credit claims by 31 July 2012. Claimants who do not renew by this time may have their payments stopped.

Claimants should also be aware that the entitlements to tax credits paid to lower income families with children were reduced from April 2012.

An updated version of the leaflet explaining the workings of both the Child Tax Credit and the Working Tax Credit have been published by HM Revenue and Customs that details these changes.


INHERITANCE TAX - Filing of trust and estate returns

If you file a Self Assessment Trust and Estate Tax Return, there have been a number of changes to the return form that you will need to be aware of for 2011-2012.


CORPORATION TAX - Reform to Real Estate Investment Trusts (REITs)

A new consultation document has been published by H M Treasury on changes that are expected to make the use of REITs more flexible as well as reducing the costs of establishing REITs.

A company may elect to become a UK REIT where it owns income-producing real estate. The main benefit of becoming a REIT is that the profits and gains arising from the property rental business are exempt from corporation tax.

Please read the further information for the proposed changes outlined in document. The closing date for comments on the consultation is 27 June 2012.


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