850,000 fined for late tax returns

Almost a million taxpayers will be liable for £100 penalty payments for failing to submit their Self Assessment Tax returns by the 31sup>st/sup> January deadline.

HM Revenue & Customs will be writing to 850,000 taxpayers to tell them their Returns were not submitted on time and they will be liable for the penalty.  This applies even if there was no tax to pay.

Although a record 9.6million filed tax returns on time this year which was a 3% increase on the previous year, more than 60,000 late Returns have also been filed.

If returns are still outstanding at the end of April, penalties will increase by £10 a day.  After three months there is a further penalty of 5% of the tax due (with a minimum payment of £300) which is repeated if the Return has still not been submitted after a further nine months.

Those receiving a late filing penalty can appeal if they think they have a reasonable excuse such as illness or bereavement.

Andy Cross @arcustax said;

“Those who need to submit a Return should give it their immediate attention, as penalties will only increase the longer you leave it and can add a substantial amount to the tax you already owe.”

If you receive a letter from HMRC but are unsure how to complete your Return, you can contact Arcus for further assistance and a no-obligation initial meeting on 01572 770 552 or e-mail andrew@arcus-tax.co.uk.

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