Commentary

V7.298C Penalties and adjustments—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.298C Penalties and adjustments—planning points to consider

Part V7 Tax planning | Commentary

V7.298C Penalties and adjustments—planning points to consider

The following planning points should be given consideration.

  1.  

    •     It is always worth considering appealing against a default surcharge penalty if a reasonable excuse can be made – some taxpayers have won tribunal cases against the odds by putting forward their case.

  2.  

    •     Be aware of the de minimis limit of £400 for a default surcharge relevant to the 2% and 5% periods. A part payment of tax could be made to reduce the chargeable penalty to less than £400, in which case no penalty will be applied.

  3.  

    •     Consider requesting a time

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