HMRC formally launches tax toolkits
After a year of development and testing, HMRC has introduced its range of Self Assessment tax toolkits for agents.
The toolkits highlight the common errors that attract HMRC's attention and the steps that can be taken to reduce those errors. They can also be used to help demonstrate that 'reasonable care' has been taken. They consist of a checklist, explanatory notes and links to further guidance. Whether to use them or not is entirely voluntary, HMRC said.
The first toolkits to be released were:
- Capital Gains Tax for Trusts and Estates
- Marginal Small Companies' Relief
- Capital Allowances for Plant and Machinery
- Personal and Private Expenditure
- Capital Gains Tax for Land and Buildings
The toolkits will be updated to reflect new legislation and HMRC said it planned to develop more.
HMRC has been very open about developing the toolkits, which grew out of its compliance reform forum with tax agents. The toolkits have been tested during the past year with group of agents including AccountingWEB.co.uk Tax Editor Rebecca Benneyworth, who
the CGT land/property and Personal expenditure programs in November.