HMRC have published updated Business Profits and Capital v Revenue Toolkits to assist agents when completing their clients" 2012-13 returns says Phil Harris of Harris & Co accountants Northampton who specialise in providing innovative accountancy services to local small and medium sized businesses.
The risks in the Business Profits toolkit have been reviewed and updated where necessary for 2012-13 and are applicable for financial years commencing 6 April 2012 for Income Tax Self Assessment tax returns and 1 April 2012 for Company Tax Returns.
The risks in the Capital v Revenue toolkit have been reviewed and updated where necessary for 2012-13. In addition Risk 13 has been amended to clarify HMRC"s view on the Capital v Revenue nature of expenditure on website development.
More details are available from HMRC.