Toolkits to help minimise common errors
12 May 2014
HMRC has published 3 updated toolkits: Company Losses, Property Rental and Directors' Loan Accounts.
These toolkits provide guidance on areas of error that HMRC frequently see in returns and set out the steps that you can take to reduce those errors. They should help you to:
- ensure that returns are completed correctly, minimising errors
- focus on the areas of possible error that HMRC consider key
- demonstrate reasonable care.
Before you get started, please read the essential information on using the toolkits and reasonable care under HMRC's penalty system.
HMRC has also produced a short video that gives useful information about the toolkits (running time 3 minutes).