HMRC has published a new factsheet on penalties HMRC may charge where taxpayers are involved in electronic sales suppression. The new factsheet Compliance checks: electronic sales suppression — CC/FS68 explains that electronic sales suppression (ESS) involves businesses hiding or artificially reducing the value of transactions in their sales records in order to reduce their turnover which results in a lower tax bill. The factsheet is addressed to those businesses which are likely to receive information notices from HMRC for ESS, explains the penalties available to HMRC and the circumstances in which those penalties would be imposed (including reductions for ‘quality of disclosure’).
HMRC has published a new factsheet on penalties HMRC may charge where taxpayers are involved in electronic sales suppression. The new factsheet Compliance checks: electronic sales suppression — CC/FS68 explains that electronic sales suppression (ESS) involves businesses hiding or artificially reducing the value of transactions in their sales records in order to reduce their turnover which results in a lower tax bill. The factsheet is addressed to those businesses which are likely to receive information notices from HMRC for ESS, explains the penalties available to HMRC and the circumstances in which those penalties would be imposed (including reductions for ‘quality of disclosure’).
