HMRC’s increased late-fines could bag £9.3m daily
Don’t get caught out by new HMRC late-penalty fines warns Blick Rothenberg
HM REVENUE & CUSTOMS could net £93m in fines from people who make late tax returns warns accountancy firm Blick Rothenberg.
Frank Nash, senior tax partner at Blick Rothenberg, told the Independent: “Maximising penalities is now an obligation for revenue offices. HMRC will not show any leniency on penalties.”
The taxman could net up to £9.3m daily under new fines the firm estimates, which include a penalty of £1,600 for offenders that are 12 months late, a substantial hike from its usual £200.
In a letter to The Independent, HMRC director Stephen Hardwick said: “We use penalties purely to encourage on-time filing and to be fair to the vast majority of taxpayers who file on time.
“Late payers will be hit by much heavier fines this year.”