PENALTIES - 12.01.2018
Plans announced for the future of PAYE penalties
As part of the government’s plans for Making Tax Digital for business, HMRC has now outlined its plans for the future sanctions for late filing. Alongside this summary of the next steps for late filing penalties, it has published a further consultation on simplified interest and late payment penalties. The plan is that these will be introduced together as a package. The late payment penalty regime will be based around a points-based system and legislation will be published in the summer of 2018 VAT penalties will be implemented first in 2020, i.e. twelve months after the introduction of Making Tax Digital for VAT in 2019.
With the introduction of a new penalty regime for VAT on hold until 2020, penalties for PAYE failures will continue to be risk assessed rather than automated for the 2018/19 tax year and beyond.
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