The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the types of penalties that can be imposed by HMRC and when they will be imposed in respect of VAT. This note should be read in conjunction with the Overview of the three penalties introduced from 1 April 2010, Penalties for inaccuracies ― calculating the penalty, Penalties for inaccuracies ― assessing the penalty and Penalties for inaccuracy ― agents and officers guidance notes.
HMRC has also provided the following factsheets: CC/FS7a regarding inaccuracies and CC/FS7b regarding under-assessments.
From 1 April 2009, there is a penalty for filing inaccurate VAT documents and returns. The changes were introduced on the following date for VAT:
CH81000; FA 2007, Sch 24; CH81012; CH81013
For other indirect taxes the penalty was applicable:
The following exceptions relate to inaccuracies with a different tax period to that in the normal rule, or those that must carry a specific date. In all cases, the filing date for the
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