HMRC update toolkits
Source: HM Revenue & Customs | | 18/07/2012Toolkits are designed by HMRC to provide information on previous risks that have been identified. It is hoped that this information will help accountants and agents identify the necessary checks that they can carry out. This in turn will assist taxpayers in proving that they take reasonable care in completing their tax return. The use of the toolkits by accountants and agents is optional.
HMRC have been updating their toolkits which are aimed at helping accountants and tax agents reduce the likelihood of mistakes in returns. The latest toolkits to be updated are the VAT Partial Exemption, VAT Input and VAT Output Toolkits. HMRC have published a list of 20 toolkits all of which will be updated at least annually.
