HMRC sends out late filing penalties
About 500,000 people will be sent sent notices of penalties of at least £1,200 for not submitting their S elf Assessment tax returns, reports Nick Huber.
The number of penalties has fallen in 2012, HMRC said. The number of outstanding returns has almost halved in 2012, down to 5.9%, compared to 10.7%in 2011, meaning that 518,000 fewer penalties are being issued.
The penalty comprises £900 in daily fines, plus a late-filing penalty of £300 or 5% of the tax due. Some penalties may be waived on proof of a “reasonable excuse”, such as a family illness.