HMRC concedes on penalties for late self-assessment
For weeks tax experts have been pressuring HMRC to scrap penalties for late filing of 2019/20 self-assessment tax returns. Until now HMRC has refused. Today it’s made a partial concession. What’s the full story?
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Government launches consultation package on HMRC powers and tax administration
The government has launched a wide-ranging package of consultations on tax administration, including proposals to strengthen HMRC's debt recovery powers, modernise tax agent regulation and expand the use of digital services. Several of the measures could have significant implications for taxpayers and advisers. What has been proposed?
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What are HMRC’s new procedures for export evidence?
HMRC has updated its guidance about the proof of export you must retain if you ship goods abroad and zero-rate the sales. How will the new guidance affect your business?
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Getting out of the child benefit tax trap
You expect to earn over £60,000 for this tax year which means you may have to pay back some or all of your family’s child benefit due to the high income child benefit charge (HICBC). Is it possible to reduce the charge?
The pressure has been mounting on HMRC and the government to give a general amnesty for taxpayers who submit their 2019/20 self-assessment tax return online later than the usual filing deadline of 31 January 2021. HMRC hasn’t gone that far but has agreed that anyone who can’t file their return by the deadline won’t receive a late filing penalty if they file online by 28 February.
In its statement, HMRC hasn’t mentioned the penalties charged for those who were late submitting their 2019/20 paper self-assessment tax return which was due by 31 October. We’ll have to wait to see if it decides to retrospectively cancel some or all of them.
The announcement doesn’t change any statutory right to have a late filing penalty canceled if the taxpayer have a reasonable excuse for submitting their tax return after the deadline. This means if anyone can’t file your return by 28 February they still have the right to appeal against the £100 penalty that HMRC will automatically issue.
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