Estimates have suggested that 850,000 taxpayers missed the January 31st 2012 deadline, each receiving a fixed penalty of £100; whilst 650,000 tax returns were still outstanding on May 1st 2012, with each of these now incurring an additional fine of £10 per day it is outstanding, which can total a maximum of £900.
In addition to the fines already imposed for missing HMRC’s deadlines, the tax office have also announced they will be imposing extra penalties of £300 or five percent of any tax liability, plus a further £300 or five percent of the outstanding tax if the return still isn’t received after a year.
The total of fines could see HMRC yield over £6 million a day; but Stephen Banyard from HMRC said: “We want the returns and not penalties. So, if you haven’t sent us your 2010/11 return, you need to do so urgently – or call us if you think you shouldn’t have to complete one.”
Although HMRC could potentially yield over £6 million in fines, the organisation have admitted that 12,000 people have been wrongly fined for failing to file their tax return; despite there being no need for them to complete a self assessment return.
HMRC is now writing to those wrongly fined to apologise; and they have also published a statement on the Chartered Institute of Taxation’s website confirming that they will not have to pay any penalties.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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