Please note the significant changes to the penalty regime on late filed tax returns for previously the cost of filing a tax return late would be only a couple of hundred pounds. However, from 6th April 2011 the amount of any penalty is no longer reduced by reason of an individual owing no tax or national insurance.

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Following on from earlier publications this article covers the common penalties HM Revenue & Customs charge on individual’s failing to pay tax or file personal and partnership tax returns on time.

Please note that it is common for HM Revenue & Customs to issue payslips late and that interest is charged on late payments. Therefore if you find yourself without a payslip then do not delay making payment as their delay is no excuse against incurring penalties – it is a case of one rule for us and another rule for them!

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This article considers three things to note about the new Companies House penalty and filing rules changes.

Penalties

Relatively recently Companies House decided that their penalty regime had not kept pace with inflation therefore from 1 February 2009 all late filing penalties have been increased.

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This article considers the common penalties that businesses and employers may face in connection with subcontracting and payroll operations.

In some instances, there are grounds for reduced penalties on the basis of ‘reasonable excuse’ but this is complex and beyond the scope of this article.

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This article considers the common penalties that businesses and employers may face in connection with subcontracting and payroll operations.

In some instances, there are grounds for reduced penalties on the basis of ‘reasonable excuse’ but this is complex and beyond the scope of this article.

Read the rest of this entry

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