Tax penalties issued to half a million - Money - News |

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Tax penalties issued to half a million

Tax penalties issued to half a million

Category: Money

Updated: 15/08/2012
First Published: 14/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

HM Revenue & Customs (HMRC) has sent around 500,000 notices of penalties for failing to submit self-assessment tax returns, despite reminders being advertised on television and in the papers.

The deadline for online returns this year was 2 February, although paper returns had to be submitted by the end of October 2011.

The penalties equate to around £1,200 per person, consisting of £900 in daily fines and either a late-filing penalty of £300 or 5% of the tax due.

It is thought some people may have their penalties dropped if they are able to provide a valid excuse, such as illness.

A spokesperson for HMRC said: "We want the returns, not the penalties. This year, half a million more people have filed their return, which means we are issuing 44% fewer penalties.

"But despite several reminders, nearly 6% of people have not sent their 2010/11 tax returns to us and they will be getting a penalty."

Find the best financial information for you -Compare Financial Solutions

Download your free 2012/13 Moneyfacts Tax Facts Table

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.