HMRC have 19 agent toolkits available for you to download and use. They are a free online resource aimed at helping you to avoid the most common errors we see in filed returns. They don’t cover all types of errors that can occur in any return.
The toolkits are updated each year to reflect any changes coming in and contain:
- a checklist to help identify the key areas errors often occur
- explanatory notes which identify the underlying types of error, how to avoid them and a brief outline of the tax treatment
- links to relevant online guidance
We have recently refreshed the following toolkits:
- Capital vs Revenue Expenditure
- Business Profits
- Company Losses
- Directors’ Loan Accounts
- Chargeable Gains for Companies
- Inheritance Tax
We have also revised the refreshed Expenses and benefits from employment toolkit to correct an error on page 4 regarding PAYE Settlement Agreements (PSAs) that previously advised, "a PSA cannot normally be applied retrospectively and a new agreement must be made each year". These agreements are now 'enduring' so do not need to be made each year.
Additionally, the calculation of list price on pages 16-17 of the Expenses and benefits from employment toolkit have been updated.
The list price of a car means the inclusive price appropriate for a car of that kind if sold:
- in the United Kingdom
- singly
- in a retail sale
- in the open market
- on the day immediately before the date of the car’s first registration
As it is the list price on the day immediately before the date of the car’s first registration, it will not include any VED/road fund licence. So, the words ‘road fund licence’ have been removed from the example at section 6 on page 17 of the toolkit.
