New HMRC Penalties for VAT and Excise

Posted on: 15/02/2010

HMRC are introducing new penalties to help prevent abuse in the VAT and Excise tax systems. From 1 April 2010 HMRC will apply new wrongdoing penalties where a person:

  • issues an invoice that includes VAT which the person is not entitled to charge
  • handles goods on which Excise Duty has not been paid or deferred
  • uses a product in a way that means more Excise Duty should have been paid
  • supplies a product at a lower rate of Excise Duty knowing that it will be used in a way that means a higher rate of Excise Duty should be paid.

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