Is there any real implication in the change of name from "surcharge" to "penalty" in relation to self assessment balancing payments paid more than 28 days late, or is it just a political puff desig
So we now have our first batch of "Late Payment Penalties", a new slant and label on Surcharges. Two things strike me instantly.
So 2007/08 is now out of date and the Return that I told a client to hand in by 5 April stayed unopened in it's envelope because he's scared of opening post.
HMRC has agreed a new approach to PAYE late filing penalties with professional tax bodies to lessen the number of companies receiving notices for £400+ fines in September each year.
AccountingWEB’s Working Together eGroup this week flagged up a major mailing error at HMRC in which 17,000 final reminder letters have been sent in error.
At the end of this week HMRC will start sending out around 900,000 penalty notices for failing to file 2010/11 Self Assessment returns on time.
A client has received in January 2012 a £400 penalty for late submission of the P11D for the year ended 5 April 2007. He is rather upset about this!
I have noticed a recent trend for accountants not to advise clients when tax is payable. In some cases, this policy is clearly stated in the letter of engagement.