V18.151 Assessments


V18.151 Assessments

HMRC has powers to make assessments under FA 1994, s 56. Assessments can be made in the following circumstances.

Failure to make returns

HMRC may assess the tax due from an insurer or taxable intermediary who fails to make a return which he is required to make. The tax must be assessed to the best of HMRC's judgement1.

Failure to either submit a return or pay the tax due by the due date will result in a penalty of the greater of 5% of the tax due or £250 and a penalty of £20 for every day after the due date that failure to pay the tax due or failure to render the return continues.

Recovery of

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