Commentary

A4.585 Penalties and Senior Accounting Officers (SAOs)

Administration and compliance

A4.585 Penalties and Senior Accounting Officers (SAOs)

A4.585 Penalties and Senior Accounting Officers (SAOs)

Introduction

Senior accounting officers ('SAOs') of large companies are required to certify personally that they have taken reasonable steps to ensure that the company (and its subsidiaries, if any) has established, and maintains, adequate tax accounting arrangements to enable it to make accurate tax returns1.

HMRC's view is that 'tax accounting arrangements' may affect current, previous or future years returns as well as any other 'in year' filings2.

Penalties may be imposed on both SAOs and companies who fail to comply with these requirements. For commentary on SAOs' duties see D1.1306.

Penalties

A penalty of £5,000

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