890,000 people face £100 fine from HMRC
04/02/2015
HM Revenue and Customs has claimed that up to 890,000 people will face an £100 fine for not filing their tax returns on time, after they missed their deadline on the 31st January.
The number of people who failed to reach the deadline was much lower than the recorded peak of 1.6 million in 2010. Further fines will be enforced if people fail to complete their returns after three, six and 12 months. These are additional daily penalties of £10 per day, up to a maximum of £900 after three months, further penalty of 5% of the tax due or £300 after six months, and another 5% or £300 charge after 12 months.
HMRC also revealed that more forms than ever before had been filled out online, a record 85.5%. The busiest days for online filing were 30 and 31 January, when HMRC received almost a million (979,256) returns.
Ruth Owen, director general, personal tax, HMRC, said: “This is another record-breaking year for self-assessment, with 210,000 more people filing their returns on time than last year.
“We’re grateful to the overwhelming majority of people who sent their returns on time. 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.”
People with a genuine reason for not filing should contact HMRC immediately to ensure they do not incur additional penalties.
Need financial Advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Cost of UK financial sector bailout could hit £140 billion
Lord Turner, the head of the Financial Services Authority (FSA), has spoken to the Treasury select committee today with regards to the overall cost of the financial bailout in the UK. Despite the fact that the Treasury had initially suggested losses in the region of £10 billion-£50 billion, Lord Turner seemed to indicate the cost could be higher with a suggestion of a range between £70 billion-...
Read MoreShould we be concerned about the rising debt of the UK Treasury?
As UK government debt continues to spiral higher there have been suggestions that a spend, spend policy could leave the UK with a budget deficit of £60 billion for this year alone and up to £100 billion next year. But should we really be worried about this ever rising debt or will it sort itself out?
We should all be very concerned about this rising level of debt which now sees t...
Who will take over the role of the Audit Commission?
The coalition government's decision to drop the Audit Commission in favour of a forecast £50 million a year saving has caused many eyebrows to be raised. The very nature of the Audit Commission is to oversee how taxpayers money is spent by the government, something which David Cameron and George Osborne appeared to be very keen to continue. However, the decision to disband the Audit Commission an...
Read MoreWill George Osborne be concerned about the public-sector spending deficit?
A sharp spike in the public-sector spending deficit for August caught many analysts and economists by surprise although George Osborne has been fairly quiet with regards to these figures. The government will be very careful about building up concern for the future or indeed using the record August deficit to push through further public-sector budget cuts. It is also very dangerous to take one mont...
Read MoreGeorge Osborne announces £83 billion of public spending cuts
In line with expectations George Osborne, the Chancellor of the Exchequer, today announced £83 billion in public-sector spending cuts which will come into play over the next four years. He also confirmed that around 500,000 jobs in the public sector would be at risk although the vast majority of these, spread over four years, would likely occur due to natural wastage whereby those leaving posts a...
Read More