HMRC introduce harsher fines

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Her Majesty’s Revenue and Customs has warned self-assessment tax payers that they risk harsher penalties than ever before if they file their forms late.

The new fines could see people charged up to £1,600, even if they have no actual tax to pay.

HMRC have adopted a number of harsh stances with regards to fines and penalties, so this latest aggressive move should as no big surprise to a beleaguered public who are growing weary of consistent strong arm tactics.

The deadline for filing in a tax return is 31 October for paper returns, and 31 January for online returns. People who file their returns late will now receive an automatic fine of £100, followed by further fines of £10 per day, until a sum of £900 is reached. If after six months the tax return as still not been filed then a further penalty of £300 will be applied.

If 12 months passes without payment then HMRC can apply a fine equal to 100 percent of the tax stake itself.

If you are required to fill out a self-assessment form then be sure to note the deadlines to ensure you do not fall afoul of HMRCs harsh regime.