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The practical effects of the adoption of UITF 40 are now being experienced with the completion of self-assessment tax returns for the year ended 5 April 2006. Where accounts years have ended after
21 June 2005 and before 6 April 2006 it will be necessary to complete accounts on the new basis, and to value adjustment income at selling price less amounts calculated on previous bases at the beginning of the tax year.
The practical effects of the adoption of UITF 40 are now being experienced with the completion of self-assessment tax returns for the year ended 5 April 2006. Where accounts years have ended after
21 June 2005 and before 6 April 2006 it will be necessary to complete accounts on the new basis and to value adjustment income at selling price less amounts calculated on previous bases at the beginning of the tax year.
One unresolved situation is where to include the adjustment income in the tax return. It is generally agreed that reference should be made to it in the white space at box 23.7.
Initial advice was that the adjustment income should be included at boxes 13.1 to 13.3 in the main return on the basis that Class 4 National Insurance contributions do not attach to adjustment income and it is tantamount to what...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
