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It’s about time
KEY POINTS
- There are two penalty regimes for income tax self assessment: one for late filing and one for late payment.
- Daily penalties apply if a return is more than three months late.
- Further penalties apply if a self-assessment return has been deliberately withheld from HMRC.
- Taxpayers have a legal obligation to notify HMRC of chargeability to tax.
- Claims and elections can affect penalties with unexpected results.
The recent First-tier Tribunal case of Thomas Richter (TC05816 – at here ) has brought the issue of penalties for late filing and late payment to the front of many tax practitioners’ minds. The case concerned a taxpayer’s reasonable excuse for not submitting his tax returns on time and shows that the statutory penalty regime can give rise to financial penalties in excess of those...
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