HMRC reviewed their penalty system a few years ago and the results are starting to be seen.
They are applied in more situations and far stronger than before in most cases.
It’s a way of bringing everyone into line and making sure things are done right and on time. Whether the penalties are too harsh is a matter of opinion.
The moral of the story is don’t leave it too late and if you need help get it sooner rather than later.
You can find out more about the effects of the penalty system in an article written by accountingweb.co.uk.
