New HMRC YouTube video
The current penalty system was introduced to make penalties simpler to understand and more consistent across a range of taxes. The penalties can start 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.
A new ‘bitesize’ video is available to view on YouTube. The video, which runs for seven minutes covers topics including:
- 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.