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 situations where HMRC may reduce the amount of the penalty imposed, to less than the specified minimum amount using the special reduction procedure. The special reduction will only be considered after the penalty has been calculated taking into consideration the circumstances surrounding the inaccuracy or failure and the quality of the disclosure made by the business.
This note should be read in conjunction with the Overview of the three penalties introduced from 1 April 2010 guidance note.
The following indirect tax related penalties are included:
HMRC will consider the following before determining whether it is appropriate to apply the special reduction to the penalty:
Special circumstances are something that is not otherwise provided for in the relevant tax legislation. HMRC will need to consider the following before considering a special reduction as there might be no penalty. A reduced penalty
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