HMRC has released its first toolkits, which provide guidance on private
and personal expenditure, marginal small companies’ relief, CGT for land and
buildings, capital allowances for plant and machinery, trusts and estates and
CGT and estates (supplement).
The toolkits will:
guidance to help reduce error
practitioners by highlighting the key tax risks HMRC have identified
- provide users
with a tool that can be used to demonstrate reasonable care.
The aim of the toolkits is to assist practitioners preparing tax returns,
but they can be used by anyone completing a self assessment return. They are
formed of a short explanatory note, guidance on risk areas and a short
checklist. They can be used as stand alone support, incorporated into existing
checklists or used as a simple educational tool.
The toolkits have been developed by HMRC and ACCA has participated in
their development. It is recognised that the toolkits will not be suitable for
everyone, that they are only an additional form of supplementary guidance, that
use is entirely voluntary and should be used if they add value to practitioners’
We will welcome your assessment of whether the toolkits save you time,
are a useful reference, help you identify or reassess tax risks, whether they are
flexible and easy to use and whether HMRC ask if you have used them. Please
send your comments and observations to firstname.lastname@example.org
Download the toolkits now.