Penalties Confusion

We have seen a number of cases where penalty discussions are taking place concerning adjustments covering a number of years. Please bear in mind that the new penalties do not apply to adjustments to periods before the new penalty regime takes effect. It is therefore possible to have similar items adjusted for over a number of years with different penalty loadings being applied. Accountants need to be clear as to which regime applies. As the new penalties look like being much higher than the old this could make a big difference.

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