Penalties for late filing

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Introduction

A single regime that imposes penalties for failure to make or deliver returns or documents on or before the statutory filing date for the particular return in question was legislated in FA 2009, Sch 55.

Despite this intention, the FA 2009, Sch 55 penalty regime does not apply to:

•
corporation tax returns
•
inheritance tax returns
•
share scheme returns
•
digital services tax returns
•
VAT returns

The penalties under the FA 2009, Sch 55 regime and the penalties outside of that regime are summarised below.

When is a return considered to be delivered to HMRC?

Online returns are automatically recorded as being received as soon as the HMRC computer system receives the return. Simple checks are carried out automatically and HMRC reviews the return to ensure it is complete.

Returns sent by post or delivered in person are considered to be delivered when physically handed over to HMRC office staff, or placed in an HMRC office letter box during work hours. HMRC will update its computer system to show the return has been received,

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Value Added Tax

Exporting goods ― proof of export

Exporting goods ― proof of exportIn addition to the requirements laid down in the Exporting goods ― overview guidance note, businesses intending to zero-rate exported goods must hold satisfactory evidence that the goods have been delivered to a destination outside of the UK. If satisfactory evidence

15 Dec 2020 14:02 | Produced by Tolley Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

Employment Tax

Income tax paid on behalf of employee

Income tax paid on behalf of employeeIntroductionEmployers may wish to make payments of employment income to an employee / director without the employee suffering a tax or NIC cost on that pay. In other words, the employer wants to pay an amount net of tax and NIC. In some instances, often with

14 Jul 2020 11:58 | Produced by Tolley in association with Paul Tew Read more

��˾��ҹ��