Taxman takes £87m from missed online deadline
According to statistics released from the ICAEW, 870,000 people missed the 31 January 2016 deadline for filing their tax return online, leaving HMRC able to issue IOUs worth £87m. Anita Monteith, tax manager at ICAEW, warned: “Additional fines could reach up to £900, leaving people with a total bill of £1,000 by the end of July. What’s more, anyone who hasn’t filed after six months may face a further penalty of 5% of the tax due or £300 – whichever is greater. The costs could rocket”.
