HMRC consult on draft sanction models for MTD
Released 20 March 2017
HMRC have opened a consultation on sanctions for late submission and late payment for Making Tax Digital (MTD). The consultation paper sets out three possible models for late submission penalties and provides an update on late payment penalty interest. The proposals have been developed with the new MTD for Business obligations in mind but the consultation also explores the suitability of the sanctions for other regular submission obligations. The consultation also provides an update on late payment penalty interest as a sanction for late payment of Income Tax, Corporation Tax and VAT.
The government would like to hear views from anyone who is affected by or interested in these proposals, including individuals, businesses, agents and representative bodies.
The consultation closes on 11 June 2017.
More details can be found here.