New HMRC toolkits for accountants
HMRC have launched three more toolkits aimed specifically at accountants and tax advisers. The toolkits are intended to help reduce the likelihood of agents filing returns that contain common errors and mistakes.
HMRC hope that this information will help accountants and tax advisers identify additional checks that they can carry out before submitting returns for clients. The use of the toolkits by accountants and tax advisers is optional, although in the event of errors later becoming apparent, agents may be asked to confirm what checks and processes they had in place to reduce the prospects of such errors occuring.
The new toolkits cover the following topics:
- VAT input tax
- Inheritance tax
- Expenses and benefits from employment
The other toolkits, already published cover:
- CGT for land and buildings
- Marginal small companies’ relief
- Private and personal expenditure
- Capital allowances for plant and machinery
- Trusts and estates
- Capital gains tax for trusts and estates (supplement)