New HMRC toolkits to be released
HMRC are in the process of launching a series of new toolkits aimed specifically at helping accountants and tax agents reduce the likelihood of mistakes in returns. This follows the launch of the first six toolkits in May 2010.
The toolkits are intended to highlight risk areas that have been identified by HMRC. They hope that this information will help accountants and agents identify the necessary checks to carry out and so reduce the prospect of errors in submitted returns. The use of the toolkits by accountants and agents is optional.
The first 6 toolkits covered:
- CGT for land and buildings
- Marginal small companies relief
- Private and personal expenditure
- Capital allowances for plant and machinery
- Trusts and estates
- CGT for trusts and estates
The new toolkits, expected to be released in the autumn will cover the following topics:
- Capital versus revenue
- VAT Input Tax
- Directors loan accounts
- Inheritance Tax
- Benefits from employment