Archive: Penalty Point
Opinion Former Articles
The Low Incomes Tax Reform Group (LITRG) has given a qualified welcome to a new ‘penalty point’ model for late submission of tax returns, contained in draft legislation published today.
The Chartered Institute of Taxation (CIOT) is pleased that its concerns about the fairness of penalties for filing late under Making Tax Digital (MTD) will be addressed by HMRC, particularly that penalty points will have a ‘shelf life’ and will therefore expire after a period of good compliance
The Chartered Institute of Taxation (CIOT) is disappointed by the news that reforms to HMRC’s penalty regimes are to be further delayed.
The Chartered Institute of Taxation (CIOT) is calling on the Government to widen the penalty free period for the new system of ‘Real Time Information’1 (RTI) so that no penalties are levied on employers submitting inaccurate returns until April 2014. Currently it is proposed to levy penalties for incorrect returns from the point that Finance Bill 2013 gains Royal Assent (expected to be July 2013), although penalties for late in-year returns will not be introduced until April 2014.