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HMRC introduces a series of toolkits

12 November, 2009

The toolkits are based on the most common errors seen and will help agents get returns right first time, which will reduce the need for compliance checks.

The HMRC (HM Revenue & Customs) have released 2 new toolkits which will provide guidance for agents, helping them to ensure the completeness and accuracy of returns and thus reducing the potential risk of an HMRC enquiry or inspection that could result after an error has been made.

The first in the series to be launched is the Capital Gains Tax for trusts toolkit. As well as providing information on the risks which HMRC have identified, it will also help agents to identify the checks that they can carry out to help their clients ensure that they have taken reasonable care in completing their tax returns.

HMRC intends to develop a series of similar toolkits for agents covering the risks in Marginal Small Company Relief, capital allowances (plant and machinery), Capital Gains Tax (land and property), personal and private expenditure and Inheritance Tax.

Each toolkit provides information, including checklists and explanatory notes, links to online guidance for more detailed information, examples of the most common errors observed and explanations on how to avoid them.

Three other toolkits are already available to help agents navigate capital gains tax for Trust and Estates, marginal small company relief and capital allowances for plant machinery.

To read more about this initiative, click here.

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