HMRC Penalties – what do you need to know?
VAT director Gillian McGill and Tax partner Dominic Carter discuss recent tax headlines as well as changes in the new VAT penalty regime. The previous regime wasn’t flexible, with harsh penalties for late VAT returns and payments, often disputed in court, but the new system which came into effect on 1 January, launched with seemingly positive changes.
They discuss the concept of ‘reasonable care’ that HMRC can use to reduce the level of penalties applied by HMRC and how this is still open to interpretation. They also provide some practical tips for managing errors in your organisation.
For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.
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