Mala Kapacee
Recent Posts
Penalties for deliberately withholding information
By Mala Kapacee
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Tax
15th December 2021
Following my previous article (penalties for failure to file returns on time, Sch 24, Finance Act 2021), I now look at the next set of penalties in Finance Act 2021.Schedule 25, Finance Act 2021...
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New Penalty Regime - Overview
3rd December 2021
The new penalty regime replaces instant late filing penalties and aligns the VAT and income tax penalty regimes. The legislation allows HMRC to issue penalty points if returns are submitted late....
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Overpayment relief - late claims
26th July 2021
Overpayment relief is a claim to be made if a taxpayer realises they have overpaid their tax. The time limit for claiming overpayment relief is four years from the end of the tax year to which the...
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Penalties: Legislation vs HMRC policy
28th June 2021
You will probably be aware that penalties for an inaccurate return vary depending on the “behaviour” that led to the tax loss. The “behaviour” is split into three different categories – reasonable...
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Financial Information Notices
By Mala Kapacee
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Tax
30th March 2021
All legislation references are to s.122, (draft) Finance Bill 2021, unless otherwise stated.
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5 Top Tax Return Tips
13th January 2021
In the middle of tax return season, your main role is to ensure clients’ self-assessment returns are accurate and submitted on time. Bear in mind that as an adviser, you also want to minimise risk of...
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Offshore Penalties
By Mala Kapacee
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Tax
7th October 2020
As you may be aware, HMRC are receiving huge amounts of information from overseas, particularly as a result of the Common Reporting Standard. The CRS is a multi-lateral agreement between over 100...
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New penalties for “Furlough Fraud”
5th August 2020
Royal Assent was given to the Finance Bill on 22 July 2020 and with it came an increase in HMRC’s jurisdiction to go after those who have incorrectly claimed Coronavirus Support Payment (CSP)...
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Tax and Insolvency
By Mala Kapacee
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Tax
16th June 2020
For some time, HMRC have been lobbying to become preferred creditors on liquidation of a company. Under current rules, secured creditors are paid first and all unsecured creditors (HMRC included) are...
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HMRC but not as you know them...
5th May 2020
Over the last month HMRC have swiftly changed from a tax collection machine to a money distribution centre and they have carried this out admirably.
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