IEIM905500 - Penalty Time Limits and Payment

Penalties for:

  • Failure to file a report on time (see IEIM905110)
  • Failure to provide information to reportable sellers on time (see IEIM905120)
  • Failure to provide an officer of Revenue and Customers with information in respect of your obligations under the Regulations as specified within 30 days following a written notice (see IEIM905130)
  • Failure to comply with record keeping requirements (see IEIM905140)
  • Failure to make a notification to HMRC (see IEIM905150)

must be assessed by HMRC within 12 months from the date on which the person became liable to the penalty.

Penalties for the failure to apply due diligence procedures as set out in the regulations (see IEIM905160) and for incomplete or inaccurate reports (see IEIM905170) must be assessed by HMRC within 12 months from the date on which the inaccuracy, incompleteness or failure first came to light and within 6 years from the date on which the person became liable to the penalty.

Penalties must be paid within 30 days of the issue of the notice of assessment by HMRC.