home  news  study zone  career advice  pq awards  free mag  advertise  contact  nq mag
PQ magazine is for part qualified accountants.

Read the latest web issue here – if you like what you see sign up today

Latest News

Tax penalty proposals unfair

06 September 2018

ATT has said that the new tax penalty proposals from HMRC are unfair and could result in taxpayers suffering from substantial repayments, even on instalments that had been paid as agreed.

New proposals are being introduced to encourage taxpayers to pay their tax liabilities on time. If they fail to do this they can ask for a Time to Pay (TTP) agreement, but only if ‘early contact’ is made with HMRC.

ATT said it understands the need for such incentives for taxpayers to make early contact when unable to pay on time, and the need to prevent abuse of the TTP provisions. They are concerned, however, that people who kept to the terms of the TPP agreement and made all payments on time up to a point at which they must breach the agreement will loose all credit for their actions up to that point.

They would then be treated the same as if there had never been a TTP agreement, and will be subject to increased penalties.

The resulting complications will take up even more HMRC time and resources, explained the ATT.

[«all news]
preload preload preload preload
Subscribe to RSS