The CIOT supports the ‘suspension’ model for late submission penalties under MTD, which would allow taxpayers a short extension period on a limited number of defaults before they incur a penalty.
In its response to HMRC’s consultation, the CIOT suggests a 12-month ‘probation’ period following a missed deadline for quarterly submissions, during which taxpayers would be allowed one further suspension. For annual submissions, the ‘probation’ period would be two years.
Other suggestions include giving taxpayers a minimum 12-month grace period on a tax by tax basis before MTD penalties are applied. See http://bit.ly/2uhFhME.
The CIOT supports the ‘suspension’ model for late submission penalties under MTD, which would allow taxpayers a short extension period on a limited number of defaults before they incur a penalty.
In its response to HMRC’s consultation, the CIOT suggests a 12-month ‘probation’ period following a missed deadline for quarterly submissions, during which taxpayers would be allowed one further suspension. For annual submissions, the ‘probation’ period would be two years.
Other suggestions include giving taxpayers a minimum 12-month grace period on a tax by tax basis before MTD penalties are applied. See http://bit.ly/2uhFhME.
