Tax Return Estimates – Careless Or Deliberate?
The use of an estimated figure may sometimes be necessary when preparing a tax return. For example, records of a particular source of income may have been lost, and it might not be possible to obtain the relevant information from third parties. Is it accurate? HM Revenue and Customs (HMRC) acknowledges that taxpayers will occasionally […]
Tax Return Estimates – Careless Or Deliberate?
The use of an estimated figure may sometimes be necessary when preparing a tax return. For example, records of a particular source of income may have been lost, and it might not be possible to obtain the relevant information from third parties. Is it accurate? HM Revenue and Customs (HMRC) acknowledges that taxpayers will occasionally […]
Tax Return Penalties: HMRC’s Fatal Flaw
Everyone makes mistakes. Fortunately, HM Revenue and Customs (HMRC) has the power to suspend a penalty for a ‘careless’ error in a tax return (FA 2007, Sch 24, para 14). HMRC officers are instructed to consider the suspension of every penalty for a careless error (see HMRC’s Compliance Handbook manual at CH83131). Suspending penalties However, […]
Tax Return Penalties: HMRC’s Fatal Flaw
Everyone makes mistakes. Fortunately, HM Revenue and Customs (HMRC) has the power to suspend a penalty for a ‘careless’ error in a tax return (FA 2007, Sch 24, para 14). HMRC officers are instructed to consider the suspension of every penalty for a careless error (see HMRC’s Compliance Handbook manual at CH83131). Suspending penalties However, […]