There was a marked increase during 2017/18 in the number of penalties HMRC issued for ‘deliberate and concealed’ inaccuracies in returns. This category, which allows HMRC to charge a penalty of up to 100% of the amount of tax at stake, saw an increase of 46% between 2016/17 and 2017/18.
HMRC has published the following:
Deduction of input tax
Ignorance of the law is a reasonable excuse
Notice to file must be signed by officer
Penalty for non-compliance with APN
The government has published draft provisions to be included in Finance Bill 2019 (formally the Finance (No. 3) Bill 2017–19, but also known as Finance Bill 2018/19), together with accompanying explanatory notes, and a number of consultation responses. This report reviews the key tax provisions.