New Forest Ribbon
New Forest

11/01/2021

Penalty payments from HMRC on the increase

Following the suspension of tax investigations at the start of the pandemic this year, HMRC have begun to move more staff back to compliance work in order to start collecting more penalties and fines.

The Government recently announced an extension to the coronavirus loan and furlough schemes, which will provide more potential for additional penalties. HMRC have however been fair with businesses, and allowed those who may have over-claimed under either the loan or furlough schemes to come forward and return the overpayments.

The first deadline for businesses to do so was in October 20 and HMRC have identified 27,000 ‘high risk’ cases that they will be reviewing and levelling penalties if necessary.

It is worth noting that penalties can be up to 100% of the amount of tax believed to be owed, depending on whether the claim resulted from careless errors or deliberate fraud by the taxpayer.

For further information on tax penalties, please contact Gary Brown on 023 8046 1240.

Latest Tweets

The 5th and final SEISS grant is now available and can be claimed for the period of May to September 2021. https://bit.ly/2UpkqJf

UK retailers who rely on online sales with EU consumers will need to comply with new VAT rules effective from this month, in an effort to stop annual VAT fraud by non-EU ecommerce sellers https://bit.ly/3eGrxUq

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.