HMRC’s free checklists help agents reduce tax return errors
HMRC has around 20 Agent Toolkits available for agents to download and use.These free toolkits help avoid common errors which HMRC sees in tax returns filed by agents. Each toolkit is reviewed and updated regularly to make sure they reflect any changes arising from the relevant Finance Acts and other issues. The most recently updated toolkits are:
Each toolkit has a checklist which the agent can download and fill in to support the tax return completion process. This will help to identify the key issues to address with links to further online guidance and information on each area.
Here’s an example checklist covering directors’ loan accounts:
HMRC acknowledges that agents and advisers play an important role in helping their clients to get their tax returns right. These toolkits are designed to help reduce errors, demonstrate reasonable care and file timely and accurate tax returns.
For more information on how HMRC sees penalties and reasonable care follow this link to HMRCs ‘Penalties – an overview for agents and advisers’ here
Have a look at the full list of toolkits. HMRC tells us that the most popular is on property rental.
HMRC would like to hear about your experience of using the toolkits to help develop and prioritise future changes and improvements. Send HMRC your feedback here.