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.
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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.