Tuesday, February 17, 2009

The first returns subject to the new tax penalty regime

The new rules were largely set out in Finance Act 2007 and came into force on 1 April 2008. However, the old rules have continued to apply over the last year and many people are confused as to when the new regime will first become relevant.

Typically the first returns subject to the new rules will be as follows:

VAT - Returns for 3 months to March 2009;
Corporation tax - Returns for accounting periods starting on or after 1 April 2008;
Income tax and CGT - Tax year ending 5 April 2009.

Previous posts on this blog that have also addressed the new penalties regime include: The new penalties regime - making tax taxing; and 'Take care to avoid a penalty'

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