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t51 - Heavy tax penalties on late tax return submission Heavier penalties for late filing of tax returns could be on the way as the Revenue fails to meet its targets for self-assessment returns filed on time. A report by the National Audit Office (NAO) revealed that more than £1 billion is owed in overdue income tax returns with young men, self-employed builders and people living in London the worst culprits. The Revenue has a target to increase the percentage of returns filed on time to 93 per cent by January 2008. Despite attempts to simplify the self-assessment process, the percentage of returns filed on time has been between 90 and 91 per cent in each of the past four years. More than a million forms were overdue last year, many from 'untraceable' taxpayers. At the moment, people that file their tax return after the 31 January deadline face a maximum £100 fine or the amount of tax owed, if less than £100. They must also pay interest and surcharges on the late tax. It is reported that HM Customs and Revenue are considering measures which include fining late filers a percentage of the tax owed, increasing the automatic £100 fine, imposing a fine even if the taxpayer subsequently shows no tax is owed or basing the fine on the taxpayer's net income. It could also make greater use of the little-used £60 daily fines. |
"He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice." "Mac is always available to "pick his brains" and has a solution for any problem!" "He always offers sound independent advice on all financial and taxation affairs in a way that is easy to comprehend and follow." "He has helped me through my early associate days and is now proving invaluable in my journey towards practice ownership." "There is never anything I do in business or personal finance without first consulting Mac." |
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