Penalties: Don’t take too long!
The penalty regime for errors in tax returns etc. (FA 2007, Sch 24) provides an escape from penalties if an error has arisen despite ‘reasonable care’ having been taken. Otherwise, the maximum penalty (i.e. 30% to 100% of ‘potential lost revenue’; or possibly higher if the error involves an offshore matter) depends on the type […]
Making HMRC prove it!
The imposition of penalties by HM Revenue and Customs (HMRC) for non-compliance with statutory obligations such as filing tax returns or paying tax unfortunately seems to be becoming an increasingly common occurrence. It would be understandable to assume that HMRC’s systems and procedures satisfy the requirements for (say) the issue of valid penalty notices when […]
Do you really have HMRC’s agreement?
‘Get it in writing’ is common advice where (say) two parties are seeking a legally binding agreement. Contract settlements For example, this can apply when an individual taxpayer is trying to finalise their tax position with HM Revenue and Customs (HMRC) following a tax return enquiry. The taxpayer and HMRC may agree to a ‘contract […]