Speed Read: The new penalty regime brought significant changes to the way that HMRC can impose penalties for errors in tax returns and other documents. Advisers must remember that the old penalty rules have not been repealed, and continue to apply to earlier years. There are several ways in which advisers can impact on the outcome of the penalty loading, with numerous areas for negotiation with HMRC. As penalties will be substantially higher than under the old regime, active management of a case by the adviser is essential. Early disclosure is advisable where there have been inaccuracies.