HMRC have placed a range of 20 Toolkits on their website which highlight common errors that have come to HMRC’s attention and include steps that can be taken to reduce those errors.
The Toolkits are updated every year and comprise a checklist, explanatory notes and links to further guidance on the topics. Whether to use the Toolkits or not is entirely voluntary.
The one specifically written on property is the ‘Property Rental Toolkit’ but the following are relevant at various stages of property ownership:
• Business Profits;
• Capital Allowances for Plant and Machinery;
• Capital Gains Tax for Land and Buildings;
• Capital v Revenue Expenditure;
• Inheritance Tax;
• Trusts and Estates.
Property ‘Toolkit’
Toolkits can be found at:
www.hmrc.gov.uk/agents/prereturn-support-agents.htm
An error made on a Return could produce a penalty; however, a penalty will not be charged if the taxpayer can demonstrate that he took reasonable care when completing the Tax Return – use of the Toolkit’s questionnaire may be proof enough.
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