If an error is made in a tax return, it does not necessarily follow that a penalty will be incurred if additional tax becomes due as a result of that error being corrected. For example, HM Revenue and Customs (HMRC) cannot charge a penalty if the error has arisen despite reasonable care having been taken.
In a recent issue of 'Business Tax Insider’, Mark McLaughlin points out that appealing against HMRC assessments or notices to correct errors in tax returns might have an unfortunate knock-on effect when it comes to penalties in some cases.
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>> Suspended Penalties: You’ve Had Your Chance!
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