New penalty system for tax returns
Previous
Post 472 of 494
Next

New penalty system for tax returns

posted in Tax by Phillip Harris on 09:40 Dec 6th, 2017

<< Back to Tax

(0, average: out of 0)

 HMRC plans driving-style fines system for late filing

Plans to introduce a points-based system for those who fail to submit their tax returns on time have been outlined by HMRC. At present, self-assessment submissions up to three months late incur a fine of at least £100. Under the new plans, points would be incurred for filing late instead. HMRC said the government would legislate for a new system that would see a fine handed to anyone picking up too many points. Parliament would need to give approval next year, following consultation, and the system would be phased in for different taxes at different times. This will begin with VAT in the 2019 tax year, before income tax is added to the system later. Elsewhere, the Times points out that HMRC’s decision to replace fines with points does not mean it is growing more lenient. Penalties for "deliberate errors" on self-assessment returns rose 19% last year, according to PfP. The number of penalties for all deliberate errors rose from 20,740 in the tax year 2014-15 to 34,078 in 2016-17.

Source:   BBC News (01/12/2017)   

Leave a Comment

(will not be published)
captcha

Comments

No comments yet...

Fill in your details and we will contact you soon.
captcha * required fields