The responses to HMRC penalties: a discussion document, confirmed that many respondents had experienced the concerns highlighted in the discussion document, with some suggesting possible solutions.
The responses to HMRC penalties: a discussion document, confirmed that many respondents had experienced the concerns highlighted in the discussion document, with some suggesting possible solutions. There was general agreement that the focus on persistent non-compliers, rather than those who might make the occasional error, was the correct focus and that the five principles outlined in the discussion document were accurate.
HMRC intends in due course to consult in separate documents on proposals for a new scheme of penalties for: (1) late filing and late payment; and (2) inaccuracies. For late filing/payment, the proposals are likely to include not charging for a first default, and replacing penalties with a penalty interest regime. HMRC expects to take longer to develop options for new inaccuracy penalties. The earliest possible date for legislation would be Finance Bill 2017.
The responses to HMRC penalties: a discussion document, confirmed that many respondents had experienced the concerns highlighted in the discussion document, with some suggesting possible solutions.
The responses to HMRC penalties: a discussion document, confirmed that many respondents had experienced the concerns highlighted in the discussion document, with some suggesting possible solutions. There was general agreement that the focus on persistent non-compliers, rather than those who might make the occasional error, was the correct focus and that the five principles outlined in the discussion document were accurate.
HMRC intends in due course to consult in separate documents on proposals for a new scheme of penalties for: (1) late filing and late payment; and (2) inaccuracies. For late filing/payment, the proposals are likely to include not charging for a first default, and replacing penalties with a penalty interest regime. HMRC expects to take longer to develop options for new inaccuracy penalties. The earliest possible date for legislation would be Finance Bill 2017.
