The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
A single regime which imposes penalties for failure to make or deliver returns or documents on or before the statutory filing date for the particular return in question is being introduced and will eventually apply to all taxes and duties for which HMRC is responsible. The regime has not yet been fully implemented, and this will be staged over the next few years, with the provisions being brought into effect by Treasury order.
Broadly, the single regime applies to self assessment tax returns (for individuals, trustees and partnership returns) for 2010/11 returns onwards. It also applies to most other returns with the notable exclusion of corporation tax returns and inheritance tax returns. See Simon’s Taxes A4.503 (subscription sensitive) for full details of the commencement provisions.
The penalty regime imposes the following penalties:
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