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 misdeclaration and repeated misdeclaration penalty. Please note that these penalties were replaced with effect from 1 April 2008 for VAT return periods commencing from 1 April 2009. Please see the Overview of the three penalties introduced from 1 April 2010 and Penalties - summary of penalties that can be applied guidance notes for information on the current penalty regime.
The following penalties can be imposed in respect of VAT return periods starting before 1 April 2009:
A business cannot be liable to both types of penalty at the same time. If the business meets both tests, HMRC will only apply the misdeclaration penalty.
HMRC will not issue a penalty if:
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