New HMRC capital allowances toolkit

HMRC have updated their Capital Allowances for Plant & Machinery Toolkit for 2012-13 Self Assessment and Company Tax Returns to assist agents when completing their client"s returns report Harris & Co accountants Northampton and small business start up specialists.

Toolkits provide guidance on areas of error that HMRC frequently see in returns and set out the steps needed to take to reduce those errors.

The risks in this toolkit have been reviewed and updated where necessary for 2012-13 and are applicable for financial years commencing 1 April 2012 for Company Tax Returns and 6 April 2012 for Income Tax Self Assessment tax returns. A new risk has been added (Risk 23) in respect of the new rules on acquisitions and disposals of property with fixtures that are plant and machinery.