For Tax Returns due from April 1st 2009, HMRC will be introducing standard systems for tax checks, penalties and appeals, across its main taxes. The biggest change is that if you show that you have taken ‘reasonable care’ to file your returns correctly, you may not be fined.
Although this seems like it may be good news for those who do their own self assessment or VAT returns, HMRC will be getting tougher on those who don’t take reasonable care. HMRC will also be introducing a new concept of suspended penalties, designed to allow the tax payer to put systems in place to prevent the error happening again.
If you are self-employed and unsure about the new changes and how they may affect you then please contact us. We will be able to help advise on these changes to the penalty system and also advise you on putting an accounting system in place to prevent you making mistakes in the future.
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June 16th, 2009 at 22:41