What happens if you think you have made an innocent error?

Even if you think the loss of taxes and duties is a result of an innocent error, for example if you think your bank advised you of the wrong interest received, you can still make use of the THP.

If this is the case then you may not be subject to a penalty, even at the lower fixed rate of 10%.

You should contact KinsellaTax for advice if you think that the loss of tax is down to an innocent error.

If HMRC accept that innocent error was to blame, they will confirm that no penalty is due and confirm that you can restrict the amount you pay to tax and interest to a maximum of the last six years.

If you think you may have made an innocent error then call KinsellaTax for more information.

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