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The new VAT penalties regime

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The new penalty regime for errors, largely effective from April 2009, means that businesses must now take even greater care when submitting tax documents and claims to HMRC. The new regime no longer provides taxpayers with a 'get out of jail free card' for disclosure of errors but does allow for mitigation or suspension depending on the taxpayer’s behaviour and the quality of the taxpayer’s disclosure. The penalty applies across most taxes (with the notable exception of Stamp Duty) and will be imposed if HMRC consider that the error has arisen due to the taxpayer failing to take reasonable care.

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