The last of the penalties?

Article Abstract:

The last of the customs and excise penalties will be introduced in December, 1989 and concern serious mis-declarations and interest on overdue taxes. Penalties for serious mis-declarations will arise when traders: understate tax liability on VAT returns; obtain wrongful repayment of VAT; and do not provide notice to Customs Commissioners of understated liabilities. Legal defenses against the excise penalties will include both reasonable excuse and the voluntary notification of errors to Customs. The penalties include the levying of default interest for over-claimed tax, unpaid tax liabilities, and nonsubmission of VAT returns for which there is no reasonable excuse defense. Traders should establish procedures to identify errors and immediately report any errors that are discovered to Customs in order to avoid penalties and ensure a successful defense against the levy of penalties.

Tax accounting

---

VAT: penalties and registration

Article Abstract:

Provisions of Great Britain's proposed 1988 Finance Bill make changes in the way the value added tax (VAT) is handled. Voluntary registration with Customs will only need to show that taxable supplies come by way of business, and it will no longer be required that a continuing and compelling business need exist for VAT registration. Late registration penalties would be eased. Officials are given the power to collect from the self-billing organization and VAT liability not properly shown on issued documents. This could have serious results for financial sector taxpayers such as unit trust management firms.

Interpretation and construction, Tax law

---

Similar abstracts:

• Abstracts: Reach for the top. Ghosts of parties past. Measuring social responsibility
• Abstracts: VAT: appealing to the tribunal. VAT: partial exemption one year on. VAT: handling disputes
• Abstracts: New tests of the APT (arbitrage pricing theory) and their implications. Stock return anomalies and the tests of the APT
• Abstracts: Z-scores: an approach to the recession. Towards a recruitment revolution. Graduate recruitment
• Abstracts: The City Code: is self-regulation the answer? Another year of self-regulation. Self-regulation in action

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.