HMRC tax toolkits – a great student resource
Throughout your CA and ITP studies, you will cover tax and tax returns. Many of you will also be working within a role that requires tax calculations and completing returns for clients.
Although your notes should always be your first port of call for understanding the course material, did you know that HMRC has put together a series of online toolkits about tax returns?
You can use them as a handy study guide to supplement your existing course material, or as a practical tool to use on-the-job. The content of the toolkits is based on HMRC's view of how tax law should be applied.
The toolkits highlight the common errors that are often made in the tax return process - giving you insight into the tax return process. Here is a great video that explains the toolkits and how to use them. It can also help with demonstrating the practical application of topics covered in class.
With 20 different toolkits available, there is likely to be a guide to help you. They are updated on an annual basis to ensure accurate information.
Some of the most relevant toolkits that cover topics from PoT and TPS Tax are:
- Business profits
- Capital allowances
- Capital v revenue expenditure
- Company losses
- Expenses and benefits from employment
- VAT partial exemption
Each toolkit lists the main areas to consider, offers practical guidance about the related risks and provides direct links to the relevant parts of the HMRC Manuals.