The new “penalty point system” proposed by HMRC will see those late in submitting information about their tax affairs being fined ￡100 after four offences, with each additional point resulting in another fine. To add to this, the government is also proposing a new regime for late payment of tax, a system being dubbed by The Institute of Chartered Accountants as a "cashcow for the taxman”.
The proposals present yet more regulations, more compliance requirements, and even more opportunity to slip up in the ever increasingly complex UK tax system. But we can help! Our tax specialists at Beavis Morgan can advise on all aspects of tax whether compliance or planning. We even deal with HMRC on your behalf, so you don’t have the hassle of contacting them directly yourself. Further information and assistance, please contact Alan Ford.