.png)
.png)
Careless behaviour by the UK’s largest businesses costs them £59m in penalties.
HMRC imposed £59m in fines on the UK’s largest businesses for ‘careless behaviour’ in 2017 law firm Pinsent Masons has revealed.
The penalties were levied on those managed by the department’s large business directorate which oversees compliance for 2 100 of the UK’s largest and most complex entities. It issued 199 fines for ‘failure to take reasonable care’ to ensure information given was correct and represents a penalty of £3.1m on average. According to HMRC £5.9bn of tax underpaid in 2016-17 was due to careless behaviour.
Errors first discovered by the Revenue result in a minimum fine of 15% of the additional tax HMRC believes is due.
An additional £8bn in tax was collected from investigations into large companies’ tax affairs and penalties levied on this was less than 1%. The figures show HMRC fined 115 finance directors and other senior finance executives in 2017 for...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
