What is a Penalty?
A penalty is a fine for the underpayment of taxes. This fine is not a set amount (like a parking ticket) but it’s calculated as a percentage of the outstanding tax. If you owe £1,000 in tax [...]
Carelessness, Negligence, Penalties – And How To Avoid Them!
When somebody says to me, “Oh, careless mistake!” I’m 7 and I’m back in a maths class and I’ve forgotten to carry the one over. When my radar picks up [...]
In a tax investigation, what is “Helping”?
The HMRC factsheet, Penalties for inaccuracies in returns and documents, is issued when HMRC believes a penalty is likely to be due. The document is full of crucial information most of which is [...]
How to reduce or avoid penalties
The good people at TAXINSIDER have just published an piece on penalties and ‘special reduction’. Interesting reading… Mark McLaughlin looks at the ‘special reduction’ in HMRC [...]
HMRC’s Penalty Factsheet: Reasonable Care
The HMRC factsheet, Penalties for inaccuracies in returns and documents, is issued when HMRC believes a penalty is likely to be due. The document is full of crucial information most of which is [...]
