With 12 months to go until the start of quarterly reporting under Making Tax Digital, the government has set out three options for the new penalty regime for non compliance ranging from a points-based system to annual compliance checks although the fines will not kick in immediately. The size of the fines have not yet been set out, however the draft Finance Bill 2017 has confirmed that for the worst offenders, those who essentially keep no financial records at all, the fine could be up to £3,000.
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