Anyone who missed the January tax returns deadline has until Thursday to get their last year's forms in or be hit with additional fines. Some 890,000 people missed the cut-off and faced an instant £100 fine.
"Late tax returns have already earned HMRC £89m so far this year," said Anita Monteith, tax manager at the Institute of Chartered Accountants in England and Wales. "Any latecomers after 30 April could face additional fines of £10 a day. It quickly adds up. The additional fines could reach £900, leaving people with a total bill of £1,000 by the end of July.
"What's more, anyone who hasn't complied by then could face an additional penalty – 5 per cent of the tax due or £300, whichever is greater." If you haven't submitted your 2013/14 return yet, you should send it online – if you send in a paper return, the penalties will be even higher, as the deadline for paper returns was 31 October 2014.
"If you have a 'reasonable excuse' for filing your tax return late you shouldn't face penalties, but you will need to provide evidence of the circumstances," Ms Monteith added.
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