HMRC have released a YouTube video to explain ‘Penalties for inaccuracies in documents and returns’.

The Video contains a very basic summary of Schedule 24 FA 2007 Penalties for errors.

Alternatively, if your employer does not allow sound cards or you have no headphones you can read a transcipt of the video.

An interesting point to note about the error penalty regime not mentioned in the video is that although any penalty for carelessness may be suspended - HMRC had in previous Learning Together events indicated that it would not allow suspension for one-offs. There seems to be no legislative basis for this.

Advisers may prefer more detail - see our guide: Tax penalties: errors in returns and documents together with our Adviser's Tax Penalty Planner

If you are a member of the CIOT or ATT we have created an extended guide and planner for you - see your website