Protected Buildings; pre 21 March 2012 listed building consents will get zero rating until 30 September 2015.
Penalty Regime – “Less contact bigger stick” – careless errors can be very costly.
- Need systems to identify errors.
- Need procedures to evidence “care” is taken to avoid penalties.
- All assessments will be liable to penalties of up to 100% of the tax.
The gloves are off and HMR&C are imposing penalties more strictly.
Late registrations now liable to penalties of up to 100% of the VAT due!
Time Limits – Now 4 years.
Adjustments – Errors of up to £10,000.00 can be adjusted on current return, but still liable to a penalty!
Machine Games Duty – Replaces VAT and License Duty from 1 February 2013, separate registration and accounting required, and you will become partly exempt, impacting costs and margins.
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