September 17, 2007
Changes to Tax Penalties
A new penalty regime enacted by the Finance Act 2007 will come into force for Returns covering periods on or after
Particularly of note from a VAT perspective are the facts that higher penalties will be imposed for deliberate actions.
All the following will disappear
- The current thresholds for misdeclaration penalties,
- the concept of a Voluntary Disclosure removing liability for a penalty, and
- ‘reasonable excuse’.
Once details of the penalties are known we will circulate these.
Elysian Associates
September 2007