Your impartial need-to-know guide to the coalition Government's emergency Budget
Administration of tax HMRC powers: penalties for late filing of returns and payment of tax
New penalties are to be introduced for late filing of returns and late payment of taxes extending the penalty regime set out in FA 2009 Schs 55 and 56 to various indirect taxes.
The taxes covered include VAT insurance premium tax aggregates levy climate change levy landfill tax and excise duties. The implementation of the penalties will be staged over a number of years and brought into effect by Treasury order.
Under the new rules there will be an escalating series of penalties depending on the number of failures within a set penalty period. Further penalties will arise if there is a prolonged delay in filing returns or paying the tax due.
Failure to file a...
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Your impartial need-to-know guide to the coalition Government's emergency Budget
Administration of tax HMRC powers: penalties for late filing of returns and payment of tax
New penalties are to be introduced for late filing of returns and late payment of taxes extending the penalty regime set out in FA 2009 Schs 55 and 56 to various indirect taxes.
The taxes covered include VAT insurance premium tax aggregates levy climate change levy landfill tax and excise duties. The implementation of the penalties will be staged over a number of years and brought into effect by Treasury order.
Under the new rules there will be an escalating series of penalties depending on the number of failures within a set penalty period. Further penalties will arise if there is a prolonged delay in filing returns or paying the tax due.
Failure to file a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
