Revenue to 'hike up' late filing penalties. By Dan Martin
HMRC is to increase the penalties it charges for late submitted self-assessment returns and unpaid tax, press reports claim.
According to 'The Sunday Times', the Revenue and tax industry bodies have been holding "secret talks" on ways that the tax penalty system could be used to help close the £3.6bn hole in the public accounts.
The newspaper said the chancellor is expected to unveil in his pre-budget report, due next month or in early December, new rules which would increase the £100 charge for late returns to as much as £250.