HMRC penalty on accounts presentation?
In a recent tax case (Goodtime Print & Design Ltd v HMRC), a company submitted accounts without including a directors’ report. HMRC imposed penalties on the basis that the company’s accounts failed to comply with the Companies Act.
HMRC may require accounts to be accompanied by ‘such documents as are required to be prepared under the Companies Act’. This includes a directors’ report, the preparation of which is required by the Companies Act even for small companies which are not required to file such reports with the Registrar of Companies.
The company appealed but lost. The Tribunal upheld HMRC’s opinion.
Date: 16th November, 2012
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