HMRC Technical note on late submission penalties
Released 6 July 2018
HMRC have published a technical note explaining how the new points-based penalty regime for late submission of returns will work.
Technical note on late submission penalties explains about the new points-based late submission penalty regime which is designed to be proportionate, penalising only the small minority who persistently fall foul of the rules. The technical note accompanies the draft legislation and explanatory note for the new penalty regime, and provides an explanation of how HMRC expects it to work. This note should be read by taxpayers (and those that represent them), who fall within income tax self-assessment (ITSA) and VAT. Those who fall within other excise, environmental, indirect and transport taxes may also be interested as the Government intends to introduce the regime more widely after ITSA and VAT. The Government expects to publish an update to this technical note and/or further guidance following technical consultation on draft legislation. This measure is expected to be introduced alongside the related interest harmonisation and sanctions for late payment regime as a package.