.png)
.png)
HMRC’s thoughts behind the consultation on penalties for late submission and late payment.
KEY POINTS
- HMRC wants to promote good tax compliance and promt payment.
- A penalty points system should prevent a penalty being triggered automatically when a deadline is missed.
- The points-based system will apply across several taxes but not all.
- Once penalties are charged a period of compliance will reset the bar.
- The consultation period closes on 7 November 2016.
No one likes getting a penalty – whether it is a parking fine a charge for an unauthorised overdraft or one for the late payment of tax. Receiving a penalty can feel unfair particularly if the recipient does not realise that they have broken a rule. At HMRC we do not want to collect penalties but we do want to promote good compliance and collect the...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
