Tax returnsNew measures could lead to penaltiesTaxpayers could pay penalties of up to 30 per cent of any unpaid tax if they mistakenly mis-state their income in self-assessment returns, according to new measures introduced in the Budget. HM Revenue & Customs (HMRC) will be allowed to levy the fines if taxpayers 'fail to take reasonable care' when preparing tax returns, the Budget documents have revealed. Before the changes the penalty was only 5 per cent of tax owed. Taxpayers who try and hide deliberate omissions from their tax returns face a 100 per cent penalty. The penalties will not apply to basic errors, but HMRC has cast the net wider than before so that penalties will apply to most cases when money is income and has been understated. Levels and bases of, and reliefs from, taxation are subject to change. |
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