New Tax Penalties Come in to Force

Tax penalties – A new fining regime, charging up to £1,600 for late filing, will be implemented by HMRC on Friday 17, 2012.

As from previous years, the penalty for missing the Self Assessment deadline is £100. Now though, there will be a £10 a day fine from May lasting for 90 days, £300 on 1 August or 5 percent of tax due (whichever is more costly) and the same penalty on 1 February 2013.

For the first time, fines are no longer capped to prevent penalties being due by those with no tax liability. This means that someone with no tax liability or due a rebate could face a fine of £1,600.

This move comes after last year’s figures showed that around 1.1 million tax payers had still not submitted their Returns six months after the deadline.

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.