Tax Return deadline cut-off fines are likely to be issued by HMRC to between 500,000 to 1m late filers from today. £100 fines were already given to upwards of 800,000 self-assessment taxpayers who failed to submit their returns by the tax return deadline of January 31st.
However daily fines are now set to be issued to those who have continued to lapse. The amount of the daily fine is £10 per day with a £900 limit.
After this stalling tax payers will be handed another £300 fine or 5% of the due tax (the higher amount taking precedence). After 12 months HMRC then has the right to demand up to 100% of the total amount.