Late Tax Return Fines for up to 890,000
The HM Revenue & Customs have reported that up to 890,000 people may face a fine of £100 for not inputting their tax returns online by midnight on 31 January 2014.
Despite this fact, the amount of citizens filing by the deadline has got better, with 10.24 million taxpayers filing by the deadline.
Those who possibly face financial penalization were higher in number than the previous year but significantly below the 1.6 million that were subject to further charges in 2010.
The director general of personal tax at the HMRC, Ruth Owen, stated: ìThis is another record-breaking year for self-assessment, with 210,000 more people filing their returns on time than last year.î
The HMRC received 980,000 tax returns on 30 and 31st January 2014 as scores of citizens sought to avoid the fine. Furthermore, between 1-2pm on 30 January there were 830 tax returns received per minute. This year was also witness to the highest figure of self-assessments completed online.
Ruth Owen went on to warn those that had missed the deadline that on top of the £100 fine, they may face further penalties if they did not submit it by certain other deadlines.
She commented: ìIf 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.î
These further penalties begin after three months whereby if you havenít submitted your tax return by then you will be charged £10 each day. This charge can reach up to £900.
Furthermore, if it hasnít been submitted after six months, there is an additional charge of 5% on the tax that is due or £300, depending on which figure is higher. After a year, there is an additional 5% penalty or £300, again dependent on which figure is greater.
However, some people do have a verifiable reason for being unable to file their tax returns and it is necessary for those in such a position to contact the HMRC as soon as possible.