In the past, HMRC was required to raise a penalty for a late tax return- although the taxpayer was able to appeal if they felt they had grounds.
However, from April 2012 taxpayers have been able to ask HMRC to cancel a return where they felt it was not required. Where HMRC are agree, any penalties linked to the return, were also cancelled.
This can apply to individual, partnership or trust returns, but please note this only applies to 2012/13 tax returns onwards.
If you would like any assistance in cancelling a tax return, appealing a penalty or generally managing your tax affairs, please feel free to contact us and we will put you in touch with your local office.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.