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Contractor accountants benefit from HMRC tax toolkit

Contractor accountants benefit from HMRC tax toolkit

In a bid to reduce the amount of errors that are made when contractor accountants help clients file their self assessment tax returns; HMRC has produced a series of tax toolkits.

The kits contain a checklist, explanatory notes and links to obtain further information and guidance. It is not compulsory to use these but they may prove a valuable aid to freelancers and limited company contractors who struggle to complete their annual return.

So far 5 toolkits have been released including a kit that deals with personal and private expenditure. The toolkits will be updated as and when new legislation comes into force and the revenue has already said that they will continue creating kits to cover more aspects of taxation.

The toolkits, which have undergone a year of testing by agents, focus on the areas where most mistakes occur and they include an explanation of the Revenue’s treatment of certain confusing aspects of tax law.

Businesses who take advantage of the toolkits will be able to show that they are taking more care over tax matters and are less likely to suffer penalties if a return is later found to be wrong.

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