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News - 19 February 2013

850,000 Penalty notices to be issued by HMRC

By February 20, HM Revenue and Customs (HMRC) will have completed a mail-out of £100 fixed fines to around 850,000 taxpayers.

The letters are being sent to those registered for self-assessment (SA) but who failed to file personal 2011-12 tax year returns online by January 31.

This means that the penalty payments will boost HMRC coffers by around £85m

This figure is likely to rise as taxpayers who fail to send in their returns by the three month cut off period will incur daily penalty rates.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Taxpayers who fail to file returns after three months are hit with a daily £10 fine up to a maximum of £900, along with the initial £100 fine. Those who allow the filing delay to extend beyond six months are also hit with another £300 fine or 5% of the tax due, whichever is higher.”

If you are unsure and need any help and advice on Self Assessment or want the burden taken off your hands, contact the ABDS Tax Department Now.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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