Developing toolkits to support agents
HM Revenue & Customs (HMRC) will be introducing a series of toolkits for agents to provide guidance on risks to compliance from HMRC's perspective and to set out how agents can reduce the likelihood of mistakes occurring in the returns.
HMRC believes 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 that could result after an error has been made.
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 identify the checks that they can carry out to help their clients ensure that they have taken reasonable care in completing their tax return.
HMRC intends 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.
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 we make them more widely available. Please contact us if you'd like to get involved.
During the next year or so we intend to develop a selection of these toolkits, targeting specific taxes. These will be piloted with a small group of agents to test, evaluate and refine them before we make them available to the wider agent community.
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, through the Compliance Reform Forum, and with a small group of volunteer agents, to broaden the understanding of the work that agents carry out before submitting returns. We want to provide as much help and support as possible to help agents with this important role.
We will keep you informed as our work progresses.
