Commentary

V5.355A Failures by, or in relation to, senior accounting officers

Part V5 Compliance, enforcement and appeals

V5.355A Failures by, or in relation to, senior accounting officers

V5.355A Failures by, or in relation to, senior accounting officers

A company may incur a penalty of £5,000 for failing to notify HMRC of its senior accounting officer or officers1. A penalty may not be incurred where another company in the same group has incurred a similar penalty for the same year2.

A senior accounting officer may incur a penalty of £5,000 for3:

  1.  

    (a)     failing to monitor accounting arrangements, or failing to identify any deficiencies;

  2.  

    (b)     failing to provide a certificate (see V5.215), or providing such a certificate which contains a careless or deliberate inaccuracy.

Where an inaccuracy is neither careless nor deliberate at the time it is given and the senior accounting officer discovered the inaccuracy at a later date but failed to inform HMRC accordingly, the inaccuracy is to be regarded as careless4.

In the case of (a) above, the same person is

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