The following Owner-Managed Businesses guidance note Produced 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). It also applies to most other returns with the notable exclusion of corporation tax returns and inheritance tax returns.
Late filing penalties in relation to corporation tax and inheritance tax returns are discussed separately below.
For full details of the commencement provisions, see Simon’s Taxes A4.503.
The harmonised penalty regime imposes the following penalties:
fixed penalty of £100 ― automatically issued if return filed late. This applies even if there is no tax to pay, the tax due has been paid on time or the taxpayer is due a refund
daily penalties of £10 per day ― applied once the return is three months late. HMRC does not need to go to the Tribunal to levy these penalties and they run either until the return is filed or for a period of 90 days (whichever is the shorter)
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
Employee benefit trusts (EBTs) are commonly used to support employees’ share schemes and to provide other benefits to employees in the form of pensions and bonuses.Their use has been significantly affected by the introduction of the disguised remuneration rules. Although the statutory exclusions
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.