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Categories:Regulation

HMRC fines 1.5m taxpayers for late self-assessments

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HM Revenue and Customs has handed out fines to over one a half million people who were late filing their self assessment tax returns this year.

According to a freedom of information request by the Daily Telegraph, HMRC’s automatic penalty system jumped 8 per cent from last year and is up 56 per cent in the past five years.

The amount payable has also changed from a fixed penalty of £100 to a maximum of £1500, depending on the amount of tax owed. The next deadline for those looking to make paper returns, rather than use the internet, is October 31.

After the minimum fine of £100, a person is charged £10 for each day they do not file their tax return. There is a 90-day maximum of £900 on this fine.

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