A rewrite of reasonable doubt policy for the late filing of self assessment tax returns seems imminent following a the opinion of a judge who may have influenced the HMRC stance on penalties. Having been heavily told off by the QC for running the sake of building up large sums of cash.
The review has sent a message to HMRC but their response has been to state that there will be no review of the definition of ‘reasonable excuse’. Despite this ‘HMRC issues warning over tax returns‘ is becoming a cry that many people still feel is the lie of the land.
As well as late submission the Association of Chartered Certified Accountants (ACCA) highlights this fact – ‘Small firms warned to check records ahead of HMRC crackdown‘ says Clare Bullock in The Law Donut news section. They recommend weekly updating of books and point out there are helplines to call if people require TTP (Time to Pay) arrangements.