Penalties training facility
HMRC have launched a new online training module to help explain the extension to the penalty system for Environmental Taxes, Excise Duties, Inheritance Tax, Insurance Premium Tax and Stamp Duties. The training also provides information on how the penalties will be applied by HMRC.
The training is divided into four main sections:
Section 1 – Introduction & Overview
Section 2 – Legislation & Calculation
Section 3 – The Penalty Assessment Process
Section 4 – Summary
As an example, section 2 explains the full gamut of taxes which are to be affected by the changes such as Aggregates Levy, Climate Change Levy and Landfill Tax under Environmental Taxes. The section also includes an explanation of the circumstances when a penalty will be charged and the level penalties that can apply.
The first penalties relating to Environmental Taxes, Excise Duties, Inheritance Tax, Insurance Premium Tax and Stamp Duties will be charged in respect of inaccuracies in returns or documents:
- for return periods starting on or after 1 April 2009
- where the due date for filing is on or after 1 April 2010.