Ducati Sporting Club UK > General > Idle Chat > Stamp Duty Question

[Ozz]

Flanks the Revenue don't give out any money!

Paul, the fine is still a culpable tax item so in their eyes still tax. Strange there is a penalty where no tax due though. With other taxes income tax, corporation tax the fine cannot exceed the tax due, i.e. no tax no fine. In fact this Revenue document appears to agree:

http://www.hmrc.gov.uk/so/so10.htm#1

Quote:

If you submit your document late you should also expect to be charged a penalty:-

If your document is less than 1 year late the maximum penalty will be an amount equivalent to the duty or £300 whichever is less
If your document is more than 1 year late the maximum penalty you will pay will be an amount equivalent to the duty or £300 which ever is more

[rockhopper]

Wow, thanks for that link Ozz. I left the form at work but it says zero duty to pay, penalty £100, total payable £100.

I'll give them a call in the morning.

[andyb]

|I find this sort of thing incredible. Here we have a tax paying citizen keeping the economy alive and all we want to do is hammer him. What about all the bludgers??? No point in giving them extra penalties they wont pay that, the same as the initial debt! Stil when it gets out of hand, lets just cancel it!

If this was a speed camera thing youd all be up in arms!

[Ozz]

That is one of the problems with self assessment tax returns in my opinion. I do hundreds a year but if you happen not to send one in you get a penalty and the Revenue only chase the penalty money and not the returns which would generate the tax figures. It is strange, I had one where I had 6 years to do at once and we only did them cos the penalties were being chased so severely and were over £1200 by this time.

[rockhopper]

Just spoken to the solicitors, they say that its a problem with the Inland Revenues computer readable forms and they are appealing the fine.

Odd that the Revenue didnt mention anything to me about that when i rang them this morning.

Never mind, at least they are on the case.

[Ozz]

You probably spoke to the yts girl....

[lynn]

thats my position i think