Updated HMRC toolkits
HMRC have begun the process of updating their toolkits which are aimed at helping accountants and tax agents reduce the likelihood of mistakes in returns.
The toolkits are designed to provide information on previous risks that have been identified by HMRC. It is hoped that this information will help accountants and agents identify the necessary checks that they can carry out. This in turn will assist taxpayers in proving that they take reasonable care in completing their tax return. The use of the toolkits by accountants and agents is optional.
The updated toolkits cover the following topics:
- National Insurance contributions and statutory payments
- Property income
- ‘Capital v Revenue’
HMRC have now published a list of almost 20 toolkits, all of which will be updated at least annually. There are plans to update a further seven toolkits by the end of June.