Penalties for inaccuracies in returns under old rules

Produced by Tolley in association with

Owner-Managed Businesses

Guidance

Introduction

HMRC has the legal power to charge a civil penalty where there are errors in or omissions from tax returns. The penalty regime in operation prior to 1 April 2009 (known as ‘old penalties’) differs from the current regime (known as ‘new penalties’). The two regimes run alongside each other and will continue to do so for a number of years, as the basis for applying penalties depends on the original filing date and period of the tax returns concerned.

For more on the new penalties in FA 2007, Sch 24, see the Penalties for inaccuracies in returns ― overview guidance note.

What periods are covered by the old regime?

The old penalties regime applies to tax returns with a filing date up to and including 31 March 2009.

For income tax, capital gains tax and Class 4 national insurance contributions, old penalties apply to tax returns up to and including

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Philip Rutherford

Senior Tax Director at Molson Coors Brewing Company

Phil is the Senior Tax Director for Molson Coors' European operations. He has responsibility for both direct and indirect taxes across both EU and non-EU states. Prior to this, Phil was responsible for Molson Coors UK tax affairs covering all major taxes and duties. Phil trained at KPMG LLP, where he worked for 8 years, specialising in tax investigations across both direct and indirect tax.

Popular Articles

Personal Tax

Gilts

Gilts‘Gilts’ are securities that are also known by a number of different names (eg gilt-edged securities, Government securities or treasury stock).The Government sells gilts to fund the deficit between public spending and tax receipts. Normally, the Government pays interest to the holder of the gilt

14 Jul 2020 11:48 | Produced by Tolley Read more

Corporation Tax

Computation of corporation tax

Computation of corporation taxCompanies pay corporation tax on the taxable total profits (TTP) generated in a chargeable accounting period (CAP).To ascertain whether the entity is within the charge to corporation tax, see the Charge to corporation tax guidance note.For more information on the type

14 Jul 2020 11:16 | Produced by Tolley Read more

Value Added Tax

VAT registration ― artificial separation of business activities (disaggregation)

VAT registration ― artificial separation of business activities (disaggregation)This guidance note should be read in conjunction with the VAT registration ― compulsory guidance note and is relevant to persons established or resident in the UK. Persons that are not established or resident in the UK

14 Jul 2020 13:57 | Produced by Tolley Read more

UU��ֱ��