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02 November 2016
Penalty for mistakenly claiming an income tax refund.
Our client’s 2014 tax return which he completed himself and submitted to HMRC in January 2015 is under enquiry because he mistakenly claimed a £1.28m income tax refund. He is actually due a tax repayment of only £12 for the year and readily admitted he had entered the wrong figure (he meant to enter £187 000 of earnings) in a box that did not need to be completed because he was UK non-resident for the year.
I had hoped common sense would apply but HMRC has determined the potential lost revenue is £187 000 and our client should pay a penalty of just over £19 300.
As may be appreciated the various issues have been subject to extensive correspondence in recent months. However this query relates solely to the wording in the tax...
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