HMRC are developing toolkits to support agents. Can you help?

 In Tax, Trusts

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HM Revenue & Customs (HMRC) are introducing a series of toolkits for agents to provide guidance on risk management (compliance from HMRC’s perspective), and to set out how agents can reduce the likelihood of mistakes occurring in returns.

HMRC believe that using the toolkits will help agents to ensure the completeness and accuracy of returns and thus reduce the potential risk of an HMRC enquiry or inspection.

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 check that they have taken reasonable care in completing their client’s tax return.

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HMRC intend 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.

How do I get involved?

The use of the toolkit is voluntary and will be available for agent’s to use when completing their client’s 2008/09 tax returns.

If you are interested in using the Capital Gains Tax for Trusts toolkit, or any of the other toolkits mentioned, you can help HMRC test and refine these before they make them widely available. Please contact HMRC at www.hmrc.gov.uk/prereturnpilot/ by 31 May 2009.

Why are the toolkits being developed?

Tax agents and advisers play an important role in the operation of the tax system since their work is key to the quality and accuracy of the returns that HMRC receive.

HMRC have been working with agent representatives to improve their understanding of the needs of agents, and they want to provide as much help and support as possible

HMRC will keep you informed as their work progresses.

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