Income Tax - Penalties for Failure to Notify Flashcards
1
Q
A penalty applies to failures to notify HMRC of chargeability to which taxes?
A
All studied in principles of tax
2
Q
There is a penalty even if reasonable care is taken, but…
A
This can be reduced to £Nil if the failure is rectified within 12 months through unprompted disclosure
3
Q
Who can penalties be collected from if deliberate action is attributable to them?
A
An officer of a company (e.g director)
