Penalties, interest and time limits

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Practice notes
VAT on composite suppliesSingle composite supplies vs multiple suppliesWhere a supply comprises a number of different elements with varying VAT...
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Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 19th May
Practice notes
Commercial service charges—VAT implicationsThis Practice Note is about the VAT treatment of non-residential service charges. General positionService...
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Produced in partnership with Martin Scammell 19th May
Practice notes
Offshore receipts in respect of intangible property (ORIP)Since 6 April 2019, a person that is neither UK tax resident nor resident in a full treaty...
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19th May
Practice notes
FATCA in the UK—the UK:US Intergovernmental Agreement: an outlineIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...
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Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 19th May
Practice notes
Tax considerations on a loan agreement—the tax gross up clauseIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...
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Produced in partnership with Eloise Walker of Pinsent Masons 19th May
Precedents
1 Withholding and grossing up 1.1 All sums payable under this [Agreement] by or on behalf of any party (for the...
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19th May
Practice notes
Taxation of UK LLPsA UK limited liability partnership (LLP) is a body corporate for company law purposes, but is generally taxed as though it were a...
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19th May
Practice notes
Section 198 and 199 elections on transactions involving real estateThis Practice Note describes the law and practice relating to elections under...
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Produced in partnership with Martin Wilson 19th May
Practice notes
Loan capital exemption from stamp dutyDebt which:•qualifies as loan capital (whether it is short or long-term debt), and•satisfies further conditions...
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19th May
Practice notes
The Budget and Finance Bill processThe Budget is a Parliamentary event at which the Chancellor of the Exchequer makes important announcements relating...
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19th May
Practice notes
Capital reduction demergersThe reasons why a company might carry out a demerger, and the different ways in which a demerger may be structured, are...
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Produced in partnership with Zoe Feller of Bird & Bird 19th May
Q&As
Corporate redomiciliation—can a non-UK company redomicile into the UK?It is possible for a non-UK incorporated company to redomicile to the UK....
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19th May
Practice notes
Why have a tax covenant?It is market practice for a tax covenant, also known as a tax deed, to form part of the transaction documents in respect of a...
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19th May
Practice notes
R&D capital allowancesFORTHCOMING CHANGE: At Spring Budget 2021, the government announced a wide-ranging review of research and development (R&D)...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 19th May
Practice notes
Transfer of a trade under common ownershipSometimes the restructuring of a business will involve a company transferring an existing trade to a...
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19th May
Practice notes
SDLT group reliefFORTHCOMING CHANGE relating to FA 2008, Sch 36: In its Tax Information and Impact Note (TIIN) on freeports, the government announced...
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19th May

Most recent Penalties, interest and time limits content

Q&As
What are the penalties for late payment of the soft drinks industry levy (SDIL)?Penalties for late paymentA person who is subject to the Soft Drinks...
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22nd Sep
Practice notes
Calculating the penalty for inaccuracies—behaviour of the taxpayerFORTHCOMING CHANGE relating to inaccuracy penalties: Following an initial discussion...
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21st Sep
Practice notes
Failure to prevent the criminal facilitation of tax evasion—the offencesThis Practice Note discusses the two ‘failure to prevent’ corporate criminal...
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Produced in partnership with Rhys Meggy of QEB Hollis Whiteman 7th Sep
Practice notes
Enablers of offshore tax evasion—civil sanctionsIntroductionThe government’s strategy for tackling offshore tax evasion was initially set out in...
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Produced in partnership with Nicholas Griffin QC and Tom Broomfield of QEB Hollis Whiteman 6th Sep
Practice notes
Offshore tax evaders—criminal offencesBackground to the strict liability offences for offshore tax evadersThe government’s strategy for tackling...
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Produced in partnership with Nicholas Griffin QC and Tom Broomfield of QEB Hollis Whiteman 6th Sep
Q&As
What is the amount of penalty for late payment of a scheme sanction charge assessment, with statutory authorities?Under section 239 of the Finance Act...
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6th Sep
Q&As
Where an inheritance tax instalment payment is made late, what penalties and interest may be charged by HMRC?Inheritance tax instalment optionSection...
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6th Sep
Practice notes
Late payment penalties—PAYE, NICs and construction industry schemeThis Practice Note is about the penalty regime in the Finance Act 2009 (FA 2009) for...
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Produced in partnership with Philip Rutherford 6th Sep
Practice notes
Interest on late paid taxCoronavirus (COVID-19): During the coronavirus pandemic, HMRC allowed deferral of certain VAT payments and self-assessment...
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6th Sep
Practice notes
Penalties for failure to notify a liability to taxIP COMPLETION DAY: The Brexit transition period ended at 11pm on 31 December 2020. At this time...
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6th Sep
Practice notes
Late payment penalties—income tax, capital gains tax and corporation taxFORTHCOMING CHANGE: As announced at Spring Budget 2021, Finance Act 2021...
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6th Sep
Practice notes
Reasonable excuse for late paid taxA taxpayer will not be liable for a penalty for late payment of tax if they have a reasonable excuse for failing to...
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Produced in partnership with Philip Rutherford 6th Sep
Practice notes
Penalties for failure to notify a liability to tax—reasonable excuseFORTHCOMING CHANGE: HMRC has consulted on proposals to amend the rules in Schedule...
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Produced in partnership with Philip Rutherford 6th Sep
Q&As
When a non-UK company has a UK permanent establishment or becomes UK tax resident, how and when must it inform Companies House and HMRC? What happens...
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6th Sep
Practice notes
Penalties for enablers of defeated tax avoidance schemesFORTHCOMING CHANGE relating to Finance Bill 2021–22: Finance Bill 2021–22 (which is expected...
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6th Sep
Practice notes
Offshore tax evaders—offshore penalties and other civil sanctionsThis Practice Note considers:•requirement to correct and failure to correct...
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Produced in partnership with Jason Collins of Pinsent Masons and Catherine Robins of Pinsent Masons 6th Sep
Practice notes
Requirement to correct offshore tax non-compliance [Archived]What is the requirement to correct?The legislation for the requirement to correct (RTC)...
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6th Sep
Practice notes
Offshore penalties, sanctions and criminal offences—outlineSTOP PRESS: The All-Party Parliamentary Group on Anti-Corruption & Responsible Tax, which...
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6th Sep
Practice notes
Penalties for inaccuracies in returns under old rules [Archived]ARCHIVED: This Practice Note has been archived and is not maintained. HMRC has the...
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Produced in partnership with Philip Rutherford 15th Aug

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