New HMRC YouTube video
HMRC have released a YouTube video to explain to taxpayers the penalties for inaccuracies in documents and returns.
The inaccuracy penalty system was introduced to make penalties simpler to understand and more consistent across many taxes. The penalties can range from 0% where reasonable care is taken but nonetheless an incorrect return is submitted up to 100% of the tax where an error is deliberate and the taxpayer attempts to conceal it.
The video is available to view (in two parts) by visiting the YouTube website atwww.youtube.com/user/hmrcgovuk
The video runs for 20 minutes and covers:
- When a penalty is chargeable.
- Types of behaviours associated with the penalty regime.
- Prompted and unprompted disclosures.
- Reductions and quality of disclosures.
- Penalty calculations.
- Suspensions and appeals.