Tax penalties and interest
If you don’t comply with a tax obligation, HM Revenue & Customs (HMRC) might charge you a penalty. Also, if you are late in paying tax (or a penalty), HMRC will charge interest on the outstanding amount.
If you don’t comply with a tax obligation, HM Revenue & Customs (HMRC) might charge you a penalty. Also, if you are late in paying tax (or a penalty), HMRC will charge interest on the outstanding amount.
If you are paying into a pension, the way you receive pension tax relief depends on what type of pension scheme you are in. This page provides more detail on the different ways that tax relief is given on pension contributions.
The new Making Tax Digital rules apply to you once your income from self-employment and/or property letting exceeds the relevant Making Tax Digital threshold, unless you are exempt. On this page we look at what happens if your income falls below the relevant Making Tax Digital threshold ...
Making Tax Digital for Income Tax will require taxpayers to maintain their business records digitally using compatible software. This page explains the requirements and includes information on factors taxpayers should consider when choosing software.
In February, we published a blog discussing what taxpayers need to think about when choosing commercial software for Making Tax Digital (MTD) and considering some of the issues they might face. Eight months on, and with MTD for Income Tax now a reality, we look at how things have moved on and ...
A different penalty regime applies to those within Making Tax Digital to that which is in place for self assessment. These penalties can apply if you are late filing a quarterly update or end of year tax return or are late paying any tax due. We outline the main features of the new penalty system ...