Mark McLaughlin looks at how penalties for tax return errors can be reduced or eliminated in certain circumstances.
It is worryingly easy to inadvertently incur penalties for non-compliance with tax obligations. The eye-watering powers of HM Revenue and Customs (HMRC) are underpinned by penalty regimes for non-compliance with various statutory requirements.
However, some penalties are subject to exceptions and ‘let-outs’ in certain circumstances where a tax compliance failure has occurred. This potentially applies to various categories of penalty, including for errors in returns, failure to notify HMRC of chargeability to tax, late filing of tax returns and failure to make tax payments on time. This article considers penalties for errors in individuals’ tax returns.
A ‘special’ occasion?
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