News: Extended penalty regulations to lead to harsher fines
Brokers have been warned they face heftier fines from the taxman following the introduction of a new penalty regime.
At the start of April, HM Revenue and Customs (HMRC) extended penalty regulations, which were initially introduced for VAT and Income Tax a year ago, to all forms of tax including Insurance Premium Tax (IPT).
George Kelly, head of tax investigations at law firm Halliwells, explained that, in addition, new powers of entry and inspection had been extended to all forms of tax, allowing HMRC to inspect business premises, demand copy documents as well as information from third parties.
He said:
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