Back duty refers to an amount of tax that should have been paid in previous years but was not due to the taxpayer’s failure to disclose full income details to HM Revenue. An inspection and enquiry process reveals these unpaid taxes, often attracting interest and penalties.
Deregistration refers to the process by which an entity ceases to be registered for Value Added Tax (VAT). This often occurs when a taxable person stops making taxable supplies, making deregistration compulsory, with a notification requirement within 30 days.
A provision of the IRA law enabling persons receiving lump-sum payments from their company's pension or profit-sharing plan due to retirement or other termination of employment to roll the amount over, tax-free, into an IRA investment plan within 60 days.
A persistent misdeclaration penalty is used in the collection of value-added tax (VAT) to address significant inaccuracies in VAT returns, coupled with a trader's prior record of errors.
Penalties imposed by tax authorities for failing to meet statutory tax requirements, differing for income tax, corporation tax, and value-added tax (VAT).
Under-Withholding refers to a situation where taxpayers have insufficient federal, state, or local income tax withheld from their wages, potentially resulting in tax liability upon filing returns and incurring penalties and interest.
