Those who failed to submit the forms before 31 January this year will face an automatic £100 fine, which could net the Inland Revenue £90m. Overall 8.58m forms, out of 9.47m sent out, were returned on time.
Self-assessment forms that missed the deadline will also be open to full investigation by the Inland Revenue for up to 15 months, as opposed to the normal enquiry period of 12 months.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals