Shock, horror? It has been reported in the press that an unrepresented taxpayer was hit with a 70% tax geared penalty for overclaiming his CIS refund. 

According to McGrigors, who assisted the taxpayer with his appeal, the penalty was incurred because his original calculation of the size of the rebate was inaccurate. The claimant thought he was owed £3,000 but the actual amount was £1,000. 

Noting the reactions of advisers to this story, it broke in the national press and then was followed up on Accountingweb, we have created a Tax Penalty Planner for Advisers.