PracticeAccounting FirmsTax advisers protest proposed penalties for late filing

Tax advisers protest proposed penalties for late filing

Tax advisers are protesting against HMRC plans for penalties on late filing of tax returns and payment of tax bills

Controversial proposals put forward by
HM Revenue & Customs
(HMRC) to introduce penalties for late filing of tax returns, potentially
increasing to 100% of the tax bill in cases of deliberate failure to file, have
drawn strong objections from tax advisers.
John Whiting of PricewaterhouseCoopers told
the Financial Times he objected ‘very strongly’ to tax-based penalties
for late returns, because the taxpayer would also be charged interest based on
the amount of tax due.

Taxpayers also face penalties for late payment which could rise to 10% to 30%
of the unpaid tax after a year, the HMRC said in a consultation document
published last week together with other proposals aimed at streamlining the
administration of taxes and establish the rights and obligations of taxpayers.

Roy Maugham of UHY Hacker
Young
said the proposed penalty regime to encourage filing and payment of
tax on time was more draconian than the existing regime.

Further reading:

Read
the Financial Times story

Related Articles

British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

2w Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

2w Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2w Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

3w Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

1m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

1m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

2m Emma Smith, Managing Editor
Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

Accounting Firms Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

2m Karen Baxter, Lewis Silkin