Penalties for breaches of SAO rules
Corporation Tax
Guidance
Penalties for breaches of SAO rules 鈥� introduction
There are a number of penalties chargeable for failures in relation to the SAO regulations. In addition, SAO failures should be considered in the context of the wider penalty framework as well as in terms of the impact that SAO failures may have on a company鈥檚 risk rating with HMRC.
For example, if a company has failed to establish and maintain appropriate tax accounting arrangements, it will be difficult to demonstrate that it took reasonable care in relation to an error. See the Reasonable care 鈥� inaccuracies in returns guidance note.
Similarly, if a company does not have appropriate tax accounting arrangements in place it is likely to impact on the company鈥檚 risk rating. See the Business risk review guidance note.
SAO penalties
The SAO provisions introduce three potential penalty positions, with one chargeable on the company and the other two assessable on the SAO personally. The three potential penalties are assessable as follows:
- 鈥�
a penalty of 拢5,000 assessable on the SAO for failure
Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+鈩�
Related documents:
Related documents:
Popular Articles
Personal Tax
Foreign self-employment
Foreign self-employmentTrading in another jurisdiction involves many issues, only some of which involve taxation. Advice should be taken, not only in relation to tax but on the wider business implications. For an overview of the points to consider for certain jurisdictions see Tolley's Global
Corporation Tax
Qualifying charitable donations
Qualifying charitable donationsCompanies can obtain corporation tax relief for qualifying payments or certain transfers of assets to charity under the qualifying charitable donations regime. Definition of qualifying charitable donationThe definition of 鈥榪ualifying charitable donations鈥�
Corporation Tax
Overseas property businesses for companies
Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in
14 Jul 2020 12:22
|
Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group
Read more
