HMRC have reported that as many as 890,000 people face a £100 fine for failing to file their online tax returns before the midnight deadline on 31st January 2015.
Further fines are then imposed by HMRC for those failing to submit a return after three, six and twelve months. As well as the initial fine of £100, those who have failed to complete a return on time could be subject to the following:
After three months – additional daily penalties of £10 per day – a maximum of £900
After six months – a further penalty of £300 or 5% of the tax due, whichever is greater
After twelve months – another £300 penalty or 5% again whichever is greater
Ruth Owen, HMRC’s Director General of Personal Tax said “This is another record breaking year for self-assessment, with 210,000 more people filing their returns on time than last year”
“If you’re one of the minority who missed the deadline, you still need to get your tax return to us as soon as possible to avoid further penalties and interest mounting up”
The number of people filing a return online before the deadline has improved with 10.24 million doing this before the 31st January.