New penalties: Take care now! By Rebecca Benneyworth | AccountingWEB

New penalties: Take care now! By Rebecca Benneyworth

HMRC formsRebecca Benneyworth reviews the new regime from the advisor's perspective.

The new penalty regime for errors and omissions on returns and documents has been in force for over a month now, but taxpayers will not see penalties levied under the new regime for some time yet, as the transitional period is working its way through.

However, advisers cannot be complacent about the new regime.


» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.


The wrong reason to move in the right direction

AnonymousUser | | Permalink

I look forward to reading the suggestions of what accountants can do. However, it's disappointing that it's seems it's going to be legislation not service standards that will drive the initiative of improving client records.

We've been banging this drum for years about offering free bookkeeping software, training and support as part of a fixed fee. We've started to recommend that firms get their clients to sign a declaration to say they've been advised on this and offdered help.

Is it reasonable for the tax office to expect a typical small business to keep records to Self Assessment standards? If it is then it means all clients will need to keep at least a Cashbook with the bank and cash reconciled!!!

This is a great opportunity for accountants to bundle in "tax protection" into their proposition.