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Her Majesty’s Revenue & Customs (HMRC) recently published details of a new one penalty system for inaccurate tax documents and returns. This new system replaces the previous wide variety of penalties.

The new system relates to returns and documents for the period starting on or after 1st April 20098 which are due to be filed on or after 1st April 2009.

The tax returns include capital gain tax, construction industry scheme, corporate tax, income tax , national insurance, PAYE and VAT.

Under the new system if a taxpayer takes reasonable care to get his taxes right, he would not be penalised by HMRC for simply making a mistake.

“Taking reasonable care” includes keeping accurate records, checking the current position in doubtful cases and telling HMRC promptly about any error you discover.

You can find detailed information on the HMRC site http://www.hmrc.gov.uk/about/new-penalties/

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