Determination of penalties by First-tier Tribunal
Penalties for failure to comply with notices under FA 2008
The Chartered Institute of Taxation has commended HMRC’s ‘willingness to listen’ to criticisms of the department’s original proposals to tackle dishonest conduct by tax agents.
HMRC are reminding contractors that a new penalties regime will apply to the construction industry scheme from next month.
‘The world has changed for tax evaders,’ Dave Hartnett, Permanent Secretary for Tax at HMRC, said as HM Treasury announced yesterday’s agreement with Switzerland to address evasion by UK taxpayers.
The UK’s tax deal with Switzerland is expected to come into force in 2013, following scrutiny by Parliament and after ratification procedures in Switzerland are complete, HM Treasury said.
An ‘historic’ agreement with Switzerland will resolve abuse of Swiss banking secrecy by UK taxpayers and is expected to secure billions of pounds of unpaid tax from 2013, HM Treasury announced last night.
HMRC’s latest Agent Update highlights a key change to penalties for late filing of self assessment tax returns.