HMRC introduces failure to notify penalties across tax system
HM Revenue & Customs (HMRC) is extending the number of taxes that can include penalties for failure to notify.
From 1 April 2010, the failure to notify penalty will cover 20 taxes, including Capital Gains Tax, Corporation Tax, Excise Duties, Class 4 National Insurance contributions and VAT. For example, a business may be liable for these penalties if its turnover increases or exceeds the VAT registration threshold and does not inform HMRC. HMRC claims that the introduction of standard penalties across the tax system is designed to make the system simpler.
HMRC has detailed information at:
http://www.hmrc.gov.uk/about/new-penalties/failure-to-notify.pdf
