Tax fines are on the way

Picture: Isle of Wight Radio/PA Wire

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THE Institute of Chartered Accountants in England and Wales is warning that fines are on the way for those who filed a self-assessment tax return too late.

HMRC has introduced penalties of up to £1,600 to tackle the problem of late filing.

Fay Webster, ICAEW’s south east regional director, said: ‘HMRC is doing everything it can to raise awareness to prevent late-filers incurring fines.

‘Initially, HMRC will send out flyers with the penalty notice inviting taxpayers to phone the helpline if they think they do not need to be in the self-assessment system.

‘If they shouldn’t, HMRC will take them out and cancel any penalty notice they have issued.’