HMRC has published new compliance checks series factsheet CC/FS55 covering penalties which may be charged for inaccurate interest restriction returns and other documents. A penalty may be charged where taxpayers have sent an inaccurate return and the inaccuracy:
results in the disallowed amount being understated or the reactivation cap being overstated for the period of account; and
was careless, deliberate or deliberate and concealed.
HMRC has published new compliance checks series factsheet CC/FS55 covering penalties which may be charged for inaccurate interest restriction returns and other documents. A penalty may be charged where taxpayers have sent an inaccurate return and the inaccuracy:
results in the disallowed amount being understated or the reactivation cap being overstated for the period of account; and
was careless, deliberate or deliberate and concealed.
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