HMRC releases updated tax toolkits to aid online accountants

Online accountants will be interested to learn that HMRC has begun rolling out updated tax toolkits to cover Capital v Revenue Expenditure, Property Rental and NICs and Statutory Payments.

The toolkits highlight common errors and what measures can be taken to avoid them. The greater majority of the kits contain a checklist, some explanatory notes and links to additional information. There is no statutory obligation to use the toolkits but HMRC says voluntary usage helps to show that people have taken reasonable care preparing their tax returns.

By the end of June, the Revenue will have published updated versions of toolkits for, amongst other things, VAT Input Tax, Private and Personal Expenditure and Capital Allowances for Plant and Machinery.

After the 2010-11 P11D filing date of the 6th of July, the current toolkit relating to Expenses and Benefits for Employment will be updated and the toolkit for Marginal Small companies’ Relief will be revised after the Finance Act 2011 has received royal assent.

HMRC advises anyone who has been using the 2009-10 toolkits to look out for the updated versions to make sure they take recent legislative changes into account.

In total, HMRC has released 19 toolkits and a new Business Profits kit will be released at the same time as the end of June updates.

© 2014 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

Tags: , , ,

Accountants: Related Posts

Leave a Reply