Record number of Self Assesment fines issued
18/10/2011
HM Revenue & Customs has fined 1.5 million for filing late self-assessment returns since January, up 8% from the previous year and 56% from five years ago.
Under the new penalty regime introduced this year, taxpayers can be fined £100 if they submit a day late, with £10 a day added after three months up to a maximum of £900. A further £300 fine or 5% of the tax due will be added after six months and the one year mark.
The fines are levied even where no tax is due and the fine will apply next year even when HMRC owes the taxpayer a refund.
