Careful now! by Rebecca Benneyworth

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This month we take a serious look at the new penalty regime which will be impacting on incorrect returns from April. This is the first of the new penalty systems to commence, and will be followed by a number of other new penalties. This article is a reminder of the basics.

It is just over a month until the new penalty regime for inaccuracies on returns swings fully into play. Once the new system is with us, mistakes on returns will be assessed to penalty using a completely new system which focuses on the behaviour of the taxpayer which led to the inaccuracy. The new rules will penalise incorrect returns which result in an underpayment of tax (or a potential underpayment in some cases) according to the seriousne...

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16th Feb 2009 13:45

I've put this off long enough
Thanks Rebecca for the summary, I've been avoiding the subject for long enough so time to let my clients have the news.

We've spent years trying to educate clients and keep an eye out for obvious signs they've missed something, not just to avoid penalties (however determined) but just the hassle of having to correct stuff. They and even we still get it wrong sometimes so, in theory I suppose it's just more of the same?

Apart from the fact that it seems unfair just to target male taxpayers and accountants I don't have any axe to grind over the new regime?

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