Penalties for Inaccuracies Schedule 24 Finance Act (FA) 07
Contents
There are seven self study units which are available to you.
They are
Chapter 1 - Overview of Legislation; Schedule 24 FA07 (PDF 133K)
This unit will cover
- What penalties are for and when they apply
- What is a document?
- Types of behaviour
- Understanding of 'Reasonable Care'
- Minimum and maximum penalties.
- HRA, Article 6
Chapter 2 - Establish Behaviour (PDF 122K)
This unit will cover
- Power to ask for information in relation to penalty
- Gathering and assessing information including evidence
- Written records
- Referrals to ERT
- Data Protection.
Chapter 3 - Disclosing Inaccuracies (PDF 92K)
This unit will cover
- When is a penalty due
- Maximum and minimum percentage
- Gathering information
- Quality of disclosure
- Making your decision.
Chapter 4 - Calculating the Penalty (PDF 139K)
This unit will cover
- Calculation of PLR
- Grouping inaccuracies
- Calculating the penalty
- Suspension.
Chapter 5 - Decision Making and Authorisation (PDF 67K)
This unit will cover
- When, why and from whom to seek authorisation
- Tolerances and authorisation
- Transfer of liability to officer of company
- Settlement
- Transitional issues
- Function of authorising officer
- Decision making process.
Chapter 6 - New Penalty System (PDF 113K)
This unit will cover
- Overview of system
- Outputs
- Issuing an assessment
- How penalties are collected.
Chapter 7 - Appeals and Central Penalty Teams (PDF 66K)
This unit will cover
- Appeals
- Special reductions
- Central Penalty Teams.
Ideally you should complete these units in order of 1 to 7 but you can also do them individually and use them as refresher training.
