Tax-payers face millions in fines this year
January 22, 2008 by admin
Filed under News, News-Banking
New research has revealed that taxpayers are expected to pay the tax-man £463 million in fines during 2008. 
Findings from UnBiased.co.uk reveal that the fines will be generated by late returns, miscalculations and surcharges on unpaid tax.
It is though that £89 million will be paid out for forms returned past the January 31st deadline, £302 million in fines for mis-calculations made on tax forms and £72 million will be administered in surcharges for unpaid tax from previous years.
David Elms, chief executive of Unbiased.co.uk, said, “The rules on self-assessment forms remain unforgiving towards those who return their forms late or incorrectly, so now is the time to take action!”
He added that missing the deadline for returning the form would certainly result in a fine and urged consumers to return them on time and in order.
In 2006, it was estimated that 876,000 self-assessment forms were received after the January 31st deadline, which the majority incurred a penalty of £100 for.
Meanwhile, the Association of British Insurers has urged those who are self employed to take out life insurance as they are now “responsible for all their own benefits”.
