Compliance Toolkits
HMRC are in the process of launching a series of toolkits aimed specifically at helping accountants and tax agents reducing the likelihood of mistakes in returns.
The first toolkit to be launched is the Capital Gains Tax for trusts toolkit. In this and all toolkits, HMRC will provide information on previous risks that have been identified. 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 taken reasonable care in completing their tax return.
HMRC intends to develop a series of similar toolkits covering the following topics:
– Marginal Small Company relief
– Capital Allowances on plant and machinery
– Capital Gains Tax on land and property
– Personal and private expenditure
– Inheritance Tax