.png)
.png)
HMRC’s thoughts behind the consultation on penalties for late submission and late payment.
KEY POINTS
- HMRC wants to promote good tax compliance and promt payment.
- A penalty points system should prevent a penalty being triggered automatically when a deadline is missed.
- The points-based system will apply across several taxes but not all.
- Once penalties are charged a period of compliance will reset the bar.
- The consultation period closes on 7 November 2016.
No one likes getting a penalty – whether it is a parking fine a charge for an unauthorised overdraft or one for the late payment of tax. Receiving a penalty can feel unfair particularly if the recipient does not realise that they have broken a rule. At HMRC we do not want to collect penalties but we do want to promote good compliance and collect the...
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.
