· A new penalty regime comes into force broadly covering income/capital gains tax, Corporation tax and NI and VAT (not all).

· The penalties cover failure to notify HMRC of chargeability (e.g. failure to register for VAT, etc), failure to submit forms on time (e.g. P14, P35s, (not VAT)), and failure to pay tax on time.

· Broadly the penalties are all different depending on which failure is made but for example a late payroll P35 incurs the following penalty if not submitted on time:

· Immediate £100

· £10 per day for returns not submitted after 3 months but less than 6 months (max £900)

· After 6 months an additional amount being the greater of £300 or 5% of the liability. And it goes on...

For further details on the new penalties call us anytime. Of course we will make sure all clients are aware of the deadlines and potential penalties that may arise.

If you require any further help or advice on the above, please click here to contact us.

Please note that the above content is only provided as a guide to the current changes and budget announcement. Some of the above items have certain qualifying criteria and it is to that extent that the information should not be relied upon without further advice.