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Tax Insider Tip: Incorrect Tax Advice: A Cloud With A Silver Lining?

27th Feb 2017
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Tax is a complicated matter and tax return errors sometimes arise.

Unfortunately, HM Revenue and Customs (HMRC) will generally consider whether to charge a penalty if (for example) the error results in a tax liability being understated.

However, it is important to bear in mind that HMRC cannot impose penalties if an error has arisen despite the taxpayer having taken ‘reasonable care’.

Mark McLaughlin points out taxpayers may sometimes be able to rely on professional advice as an escape from a penalty for a careless tax return error if that advice turns out to be incorrect.

It is a sample article from our popular Property Tax Insider newsletter but you can read it right here:

>> Incorrect Tax Advice: A Cloud With A Silver Lining?

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