HMRC is consulting until 11 June 2017 on three possible models for late submission penalties under the ‘making tax digital’ reporting regime. These are:
HMRC is consulting until 11 June 2017 on three possible models for late submission penalties under the ‘making tax digital’ reporting regime. These are:
a points-based model leading to penalties when points for failures reach a certain threshold;
automated regular review of compliance, with penalties based on the taxpayer’s compliance history; and
suspension of penalties, giving taxpayers the opportunity to correct failures.
The document also outlines the government’s intention to replace default surcharge and all late payment penalties with penalty interest.
HMRC is consulting until 11 June 2017 on three possible models for late submission penalties under the ‘making tax digital’ reporting regime. These are:
HMRC is consulting until 11 June 2017 on three possible models for late submission penalties under the ‘making tax digital’ reporting regime. These are:
a points-based model leading to penalties when points for failures reach a certain threshold;
automated regular review of compliance, with penalties based on the taxpayer’s compliance history; and
suspension of penalties, giving taxpayers the opportunity to correct failures.
The document also outlines the government’s intention to replace default surcharge and all late payment penalties with penalty interest.
