Exclusive: 800,000 taxpayers face £100 fine
More than 800,000 taxpayers could face a £100 penalty for failing to submit their tax returns before the 31 January deadline, matching the total that missed the date last year.
Inland Revenue figures from before Christmas show 3.68 million of some nine million tax payers who should be submitting a return, have yet to send in their form – a figure similar to last year’s.
Tax payers’ failure to meet the deadline could net the government as much as £80m in fines as each late return attracts a fine of £100, or the tax outstanding on 31 January if less.
Senior tax partner at Grant Thornton, Mike Warburton, has warned that the number of people missing the deadline could be worse this year than last as many people assume if they don’t owe tax there is no need to return the form.
He recommends those who have yet to submit there return to do so without delay, but cautioned against being too hasty.
‘Be extra diligent when completing your forms. If there are any errors in your tax return it could be rejected,’ he said.
‘Common errors include failure to fully complete the self-employment pages and failure to sign and date the return,’ he added.
A rejected return is generally classed in the same category as one which has not been received, and tax payers could still be liable for the £100 fine simply for failing to sign the document.