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New Penalty Regime

Anybody had any experience of how the new  penalties are being operated  in practice. i.e Are they going for max possible.

Thanks for any comments.       

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09th May 2012 08:13

I'll let you know
We've sent a few Returns from clients whose brinksmanship was a little too hopeful. So I'll be able to report back on Returns sent in May 1,3,4,8.

I've assumed that there would be a de minimis limit. If it costs the Revenue to send a penalty then they aren't going to bother for £10 are they? Also I assume they haven't screwed up the legislation and that a Return filed on May 5 will incur 5 x £10 penalty.

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09th May 2012 14:12

HMRC guidance on new penalties

http://www.hmrc.gov.uk/about/new-penalties/faqs.htm

http://www.hmrc.gov.uk/about/new-penalties/new-penalties.pdf

 

There are also guided learning packages for agents linked from the above.

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By Tosie
09th May 2012 20:09

thank you

Thanks for responses.

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