New HMRC toolkits
HMRC have launched a further three toolkits aimed specifically at helping accountants and tax agents reduce the likelihood of making mistakes when filing tax returns for clients.
The toolkits provide guidance on common mistakes that HMRC frequently see in returns filed by accountants and tax agents. The toolkits set out the steps that can be taken to reduce those errors.
They should help:
– ensure that returns are completed correctly, minimising errors
– focus on the areas of possible error that HMRC consider key
– demonstrate reasonable care
The use of the toolkits by accountants and agents is optional.
The new toolkits cover the following topics:
- Capital v Revenue expenditure
- Property rental
- Directors’ loan accounts