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Tax returns: new toolkits

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HMRC announced the release of three additional toolkits setting out how agents can reduce the likelihood of mistakes occurring in the preparation of clients' tax returns.

The new toolkits cover VAT input tax, inheritance tax, and expenses and benefits from employment. Others, expected to be issued shortly, will deal with losses, the distinction between capital and revenue, and directors' loan accounts.

The existing toolkits cover capital gains tax in relation to land and buildings; marginal small companies relief for corporation tax; private and personal expenditure (for income tax self assessment); capital allowances for plant and machinery; and trust and estate returns. See