2010/11 TAX RETURNS
Since 1996/97 penalties for late filing have been capped at the tax due, with the result that if no tax was owed, the £100 penalty was cancelled. From 2010/11 onwards this is changed and late returns attract penalties whether or not tax is due.

BUSINESS RECORDS
Later this year HMRC will start a programme of random business record checks which will look at the adequacy and accuracy of business records to " bring about a major improvement in the standard of record keeping".
HMRC are offering basic fact sheets and online tools at www.businesslink.gov.uk/recordkeeping.
Additionally,HMRC are extending their data gathering powers : enabling, for example, them access to lists of self employed agents working on a commission basis for large companies.

VAT REGISTRATION
The threshold was increased on 1 April from £ 70000 to
£ 73000.

FUEL EFFICIENT VEHICLES
Emissions of less than 110gm/CO2 per km continue to attract 100% tax allowance on zero mileage vehicles, subject to a private use adjustment, in addition to saving you money on fuel.

FURNISHED HOLIDAY LETTINGS
From 6 April 2011 onwards, furnished holiday lettings in both the UK and EEA are able to qualify within the special tax rules.
The minimum period over which a qualifying property must be available for letting to the public is increased vrom 140 days to 210 days in a year.
The minimum period in which it is actually let is increased from 70 days to 105 days in a year.
Losses made in a qualifying holiday lettings business may only be set against profits from the same holiday lettings business.
Once a property qualifies in one tax year, the owner may elect the property as continuing to qualify for up to 2 later years even though it does not meet the letting criteria.

PERSONAL TAX ALLOWANCES
From 6 April 2011 the basic personal allowance is now
£ 7475. The basic rate band upper limit has reduced from £ 37400 to £ 35000. Full 2011/12 tax details available upon request.
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