Income Tax - When Penalties are Charged

Question 1

A penalty may be charged when inaccuracies lead to:

Answer 1

• understated tax
• excessive/false loss claim
• excessive/false tax repayment
• incorrect claims and reliefs

Question 2

A penalty may be charged if a taxpayer fails to do what?

Answer 2

Fails to advise HMRC of an incorrect assessment within 30 days of the issue of that assessment