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New penalties for submittIng incorrect tax returns and new powers
Page 28
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for HM Revenue and Customs (HMRC) came into effect on 1 April 2009. However, the need to maximise tax revenues and prevent tax evasion has led the Chancellor to go further: • From April 2010, employers will become liable for new penalties for repeated fate payment of monthly PAYE amounts in any 12-month period. There will be no penalty on the first occasion, but a penalty of 2% of the late-paid amount will apply the second time, rising to 5% on the third and all subsequent occasions • Any payment that is more than six months iate will incur an additional 5% penalty, followed by another 5% if it is more than 12 months late • The new higher penalties will be introduced for the late filing of most types of tax return, including PAYE • From a date to be announced, taxpayers who become liable to a penalty of at least £25,000 for deliberate tax evasion will be "named and shamed". This could have serious repercussions for some taxpayers
0 It is also proposed that taxpayers who deliberately evade tax of at least £5,000 will have to submit more detailed returns for up to five years afterwards