Three important new consultations from HMRC on penalties and powers
HMRC has recently published three further consultations on its Powers, Deterrents and the accompanying Safeguards.
- Penalties Reform – proposals to extend the new framework for penalties on incorrect returns and the introduction of a new penalty for failure to notify HMRC of taxable activities.
- A New Approach to Compliance Checks – proposals on a framework for HMRC to check that taxpayers are paying the correct amount of tax.
- Payments, Repayments and Debt – changes in the way that HMRC collects tax debt.
These documents herald some potentially significant changes. If you would like further information all the documents are available on the HMRC website at www.hmrc.gov.uk/consultations/index.htm.
Date: 16th January, 2008
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