More NewsTaxpayers facing hefty penalties under new regime

Taxpayers facing hefty penalties under new regime

Thirty days to spot an error in a Revenue assessment or face penalties

Harsh new rules imposed by HM Revenue
& Customs
will force taxpayers to second-guess assessments from tax
inspectors and scrutinise the work of their own accountants – or pay hefty
penalties for mistakes, The
Times
reported.

Changes introduced in the
Commons
last week mean that taxpayers will have 30 days to spot an error in
a Revenue assessment or face penalties of up to 30% of the amount of the unpaid
tax.

The revised penalty regime comes into force at the start of the 2008
financial year.
It will also see taxpayers lose the defence that previously operated where a
mistake was the fault of an accountant or tax adviser.

In the past, if a taxpayer was entirely innocent, the Revenue could not apply
a penalty.

Further reading:

HMRC clears up PAYE/NIC Easter confusion

HMRC clarifies reach of new IHT charge

HMRC finally releases NICS disclosure rules

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