Even if an enquiry has started, you will receive a much lower penalty by cooperating in this way. If you tell HMRC before they start an enquiry, and before they have given you notice that they are to inspect your records, then your penalty will be reduced substantially. Tell HMRC as soon as you become aware of any mistake in your tax affairs. When HMRC issue you with a penalty, they should also give you a Penalty Explanation Letter – this sets out the period over which the penalty has been charged and the type of penalty charged. We look at these different types of penalty in more detail below. if you make an error on a tax return, payment or other paperwork that understates your tax liability or misrepresents your tax liability, unless you took reasonable care. if you fail to tell HMRC about changes that affect your tax liability.if you submit a tax return or other paperwork late.HMRC can charge you a penalty for various different reasons, if you do not comply with the tax rules.
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