At least 1m face new tax penalties

Up to a million taxpayers could be caught by new penalties for late tax returns.MFA believes that HM Revenue & Customs has not done enough to publicise the changes.

From the end of October, anyone who is even one day late in filing their paper self-assessment tax form will be hit with an instant £100 fine. After another three months an additional fine of £10 a day is added for each day overdue, up to a maximum of £900. Tougher fines are added if passing the six month or one year mark which equate to the larger of £300 or 5% of the tax due.

From the 31 January next year the same rules will apply to those who file their form online.

Make sure that you do not suffer any penalties. If you would like any help in completing your tax returns, and minimising your risk, conatct Michael Fagelman on 01329 821900.