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Govt rakes in 412m from self-assessment penalties

The Government looks set to enjoy a 412m windfall from taxpayers handing in inaccurate or late self-assessment forms, says IFA Promotion.

In 2003, 874,880 taxpayers submitted self-assessment forms after the January 31 deadline, with most having to pay a 100 late payment fine. The Government has threatened to impose a 60-a-day fine on top.

Many other taxpayers suffer other surcharges for miscalculating their tax liabilities and some face a further penalty of up to 3,000 for each year in which inadequate records are kept.

IFAP breaks down the 412m as 296m in fines for miscalculations made on tax forms, 88m in fines for forms returned past the deadline and 28m in surcharges on unpaid tax from previous years.

It has produced a free guide to tax-efficient saving to help beat the taxman which can be ordered via the IFAP hotline on 0800 085 3250 or on its website.

Chief executive David Elms says: “The taxman is getting tougher on tardy returns and unpaid tax, so if you received self-assessment forms from the Inland Revenue and have not done anything about it, act now.

“For tax advice, see an accountant, but to ensure all your information is in order and that you are being as tax-efficient with your personal finances as possible, see an IFA.”

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