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How does the current corporation tax penalty regime operate? MARIA KITT explains
KEY POINTS
- Current corporation tax penalty regime introduced in April 2008.
- Incorrect tax returns.
- Concept of reasonable care.
- Importance of maintaining complete records.
- Measures to mitigate penalties.
Companies have three primary obligations to HMRC concerning their tax affairs.
These are the obligation to notify chargeability to corporation tax delivering the corporation tax return on time and ensuring that the return and accountancy records integral to the returns filed are accurate and complete.
There are three principal charges available to penalise non-compliance with these obligations.
This article concentrates on the third obligation and looks at how the new penalty regime introduced in FA 2007 Sch 24 affects companies filing corporation tax returns after April 2009.
Companies are often obliged to file many other...
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