By Loredana Guetg-Wyatt, Protiviti
In April 2010, HM Revenue and Customs (HMRC) introduced a new penalty regime through the introduction of Schedule 24 of Finance Act 2007 and Schedule 40 of Finance Act 2008. The new penalty regime applies to all companies in the United Kingdom and significantly increases penalties HMRC can apply if a company has not taken due care when preparing a tax return.