KPMG says indications are that HMRC is
more likely to impose penalties now than in previous years.
While filing file P11D forms any later than July 4, this year will result in
employers receiving a £100 penalty from HM Revenue & Customs (HMRC), KPMG
warns that a mistake on a P11D form could cost them 30 times as much, according
to Director of Fianance.
The maximum penalty HMRC can impose for an incorrect P11D form is £3000, but
a penalty can also lead to an increased ‘risk profile’ with HMRC, potentially
affecting the way in which HMRC deals with the firm concerned in the future.
‘We are seeing tax inspectors taking a much more adversarial stance and
showing a greater appetite for imposing stricter penalties. As the fine is per
incorrect form submitted, the penalties can soon add up,’ John Chaplin, KPMG
employment tax director in the UK, said.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year