Could a points-based system be on the cards?
On 1 December 2017 we are expecting the release of HMRC’s consultation findings on late submission and late payment sanctions. The release is expected to include the issue of alignment of penalty interest and late payment interest sanctions.
The recently completed consultation considered three options:
- a points-based system
- a system based on the number of failures identified by HMRC as part of a regular review of compliance over a set period
- a suspension of penalties when subsequent submissions are made on time.
It is expected the government will opt for the points based system, which will be subject to a further consultation process expected to continue until summer 2018.
Article from ACCA In Practice