Where am I? 
Home Investment Tax Planning
Categories: Tax Planning
Topics: self-assessment| Tax| HMRC
More than one million taxpayers face a penalty of £100 for failing to submit their self-assessment tax returns on time.
The figure of 1.1 million is the lowest since online filing first started, and compares with 1.4 million last year and 1.6 million the year before, reports the BBC.
HM Revenue and Customs allowed an extra two days' grace beyond the normal 31 January deadline due to strike action.
However, 1.1 million people failed to file by the end of 2 February.
They will have to pay the £100 fine unless they have a reasonable excuse.
Valid reasons include serious illness, a bereavement, or a loss of documents because of theft, fire or flood.
After three months, additional fines of £10 a day start to accrue and could eventually amount to a maximum of £1,600.
| Share | |
| Comment | More than one million will face tax fine, says HMRC |
More tax planning news
Email alerts
Recommended reading
Categories
Topics
Comments
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Two months left before the ‘real RDR deadline’ – are you compliant with the required professional...
Viewpoints
2012 marks a watershed for the Life companies, fund managers, banks and advisers who service...
sponsored by
More info please.
Of that Million how many employ an accountant or IFA? And how many will eventually be paying more than £100 in fines. I’ll be willing to bet that these people are the very ones who don’t value advice or if they do, want to pay the same hourly rate as the pay their daily help. Serves them right. In hope they get well and truly stung.
Posted by: Harry Katz