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UK Government £85 million richer from late tax returns
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by liamssoft | February 23, 2012 at 02:05 am
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Around 850,000 £100 penalties for late tax returns will be issued over the next fortnight, 550,000 fewer than the same time last year. Additional daily charges of £10 will accrue after three months. A maximum penalty of £1,600 could eventually be due.
Letters containing the 100-pounds (about 158 U.S. dollars) late-filing penalties are being sent to people who failed to send their 2010/11 returns on time.
Although the deadline for receiving online returns was Jan. 31, this year HMRC is not issuing penalties to people who sent their 2010/11 return online on Feb. 1 or 2, following strike action at HMRC's call centers on Jan. 31.
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liamssoft
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at 04:39 on February 23rd, 2012
Tax plays an important role in the development of country so late tax returns not only make UK govt richer but also it will make country more develop.