HMRC has issued a notice warning taxpayers and advisers of new penalties coming into force this week.
Among the changes is a new ‘failure to notify penalty’ affecting those who fail to register for tax or declare taxable income. HMRC has always charged penalties if people don’t register for tax or declare their tax liabilities, but from 1 April, there will be a single consistent penalty system across most taxes.
AccountingWEB members will already be aware of the new inaccuracy penalty (introduced last April) across the main taxes, which is being extended to almost all other taxes from 1 April. Where HMRC deems that ‘insufficient care’ has been taken, a penalty is charged which is a percentage of the additional tax that is due. The maximum rate can be 10...
About Accounting WEB
Contributions from the AccountingWEB.co.uk editorial team.