.png)
.png)
The price of late-filed returns and failure to pay tax on time
KEY POINTS
- Penalties rapidly multiply in cases of prolonged failures particularly where the failure to file is deliberate.
- Case law clarifies meaning of “reasonable excuse” which should be considered based on the case’s facts and circumstances where it is not precluded by the legislation.
- It is important to demonstrate how the reasonable excuse impeded submission or payment.
Failing to submit a tax return or to pay a liability on time may at first glance seem less serious than submitting a return that is wrong. Think again.
The FA 2009 penalty regime which applies to both types of failure makes either a costly business. Moreover once a return is more than 12 months late the penalty can be just as punitive as that for having submitted a return that under-represented a taxpayer’s liability.
HMRC...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
